coinhako

Crypto exchange Coinhako gets in-principle approval to offer DPT services

Singapore’s cryptocurrency platform Coinhako announced today (November 16) that it has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services (DPT ) under the Payment Services Act (PSA) as a major payment institution.

This makes Coinhako the first local non-bank crypto exchange to receive this approval.

Collin Cheong, Coinhako’s Business Development Director, said the team has worked hard over the years to ensure that the business is developed in a compliant manner and that receipt of the approval in principle confirms the efforts. of the team to this day.

He is now working hard “over the next few weeks” to meet MAS’s requirements to receive the major payment institution license to provide DPT services in Singapore.

This license is required for vendors who wish to proceed with the sale and purchase of DPT (including cryptocurrencies such as Bitcoin), or operate a platform that allows people to trade DPT.

“Singapore has always been at the forefront of fintech innovation. The regulation of TPDs under the Payment Services Act is a clear indication of our country’s willingness to foster innovations in the digital assets and cryptocurrency space while balancing the need to protect the interests of consumers and social interests, ”added Yusho Liu, co-founder and CEO of Coinhako. .

“This will not only contribute to Singapore’s growth as a crypto financial hub, but also allow retail traders and institutions to better identify institutions capable of meeting their digital asset needs.”

Surfing the booming crypto market

Image Credit: Coinhako

Founded in 2014, Coinhako offers both fiat-to-crypto and crypto-to-crypto trading services with a digital wallet allowing traders to store their digital assets easily and securely.

Based in Singapore, the company is backed by leading investors such as Tim Draper and Josh Jones as well as established venture capital firms such as Boost VC.

Coinhako has grown enormously since its inception. In the first eight months of 2021, Coinhako saw a 1,000% increase in trading volume compared to all of 2020.

Currently, it has over 300,000 registered users in Singapore and an average of 150,000 monthly active users.

Earlier this year, Coinhako launched Privé, a digital asset platform aimed at institutional and high net worth markets. It also recently hosted Singapore’s first large-scale NFT gallery event, Right Click + Save, at Freeport, which garnered international attention.

As a result of this strong growth, the global cryptocurrency market is booming, as it recently hit the $ 3 trillion mark for the first time.

According to the latest Mastercard survey, 45% of consumers in Asia Pacific plan to use cryptocurrency in the next year, which is above the global average of 40%.

In Singapore and across the region, banks have ramped up their efforts to adopt blockchain and offer crypto trading, and some traditional financial institutions have launched their crypto exchange platforms.

“Coinhako contributes to the growth of Singapore as a crypto hub. Over the next few years, we will expand our services in Singapore and expand into more regional markets while ensuring that our platform remains a safe and secure platform for our clients, ”said Gerry Eng, co- founder and CTO of Coinhako.

“Our vision is to make Coinhako the premier crypto trading platform in Singapore and the entire region.”

Featured Image Credit: Coinhako

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