Singaporean crypto firm Coinhako has been granted the Monetary Authority of Singapore’s (MAS) official approval for a Major Payment Institution (MPI) licence which allow the firm legally operates as regulated providers of Digital Payment Token (DPT) Services under the Payment Services Act (PSA).
Coinhako said in a statement that this key milestone marks the pinnacle of its eight-year journey as a homegrown crypto platform, and it is immensely thankful for the community’s trust and support over the years.
It is also fortunate to be operating in Singapore, a nation well-positioned to be Asia’s fintech hub with robust business infrastructure and forward-looking frameworks.
“Singapore’s stringent regulatory environment has been key in building the country’s strong and credible risk management reputation amongst innovators, entrepreneurs and investors,
“As interest in digital assets grows, it’s critical that institutional and corporate investors have confidence in Singapore’s financial stability and the assurance that policies and frameworks are in place to protect their assets,” said Yusho Liu, Chief Executive Officer and Co-Founder of Coinhako.
According to Coinhako, obtaining the licence has always been a top priority for the firm, and its team members across various departments, especially compliance, have worked arduously towards helping Coinhako achieve this goal.
“Coinhako has always adopted a compliant-first approach and with the MPI licence to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond,
As Singapore’s leading crypto solutions provider, Coinhako said it is confident that the license will allow the group to serve the community better for many years to come.
“Having received the MPI licence to provide DPT services, Coinhako is uniquely positioned to present a tier-one regulated, secure and technologically advanced crypto-solution platform to the regional markets.” said Gerry Eng, Co-Founder and Chief Technology Officer of Coinhako.
Founded in 2014 by Singapore entrepreneurs, Coinhako was created with a simple value proposition – to create a simple and hassle-free way to access Bitcoin. Over the years, it has expanded on this to provide access to a wide variety of digital assets, as it works towards its vision of enabling access to the crypto-economy across Asia.