Cryptocurrency platform Coinhako announced that it has been granted a full licence by the Monetary Authority of Singapore (MAS).
The licence allows the firm to provide digital payment token (DPT) services under the local payment services act (PSA).
Coinhako mentioned in a statement that it has been a top priority obtaining the licence.
To date, MAS has given out full licences to 3 other entities; Australian cryptocurrency exchange, Independent Reserve; brokerage arm of DBS Bank, DBS Vickers; and QR code payment solution provider, FOMO Pay.
"Coinhako has always adopted a compliant-first approach and with the major payment institution (MPI) licence to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond," co-founder and chief executive officer of Coinhako, Yusho Liu said.
Coinhako's Background
- Coinhako was founded in 2014 by Yusho Liu and Gerry Eng.
- Coinhako offers both fiat-to-crypto and crypto-to-crypto trading services with a digital wallet for traders to store their digital assets.
- Coinhako reported a total trading volume of US$7 billion last year, an increase of 1200% from the previous year and has more than 400,000 registered users in Singapore.
- The company also reported a 522% year-over-year growth in account openings.
