A 2014 Singaporean crypto exchange platform, Coinhako has finally received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore’s (MAS).
The platform will now be able to operate as a regulated provider of Digital Payment Token (DPT) Services under the Payment Services Act (PSA).
Coinhako has been working towards helping the platform meet the MAS’s requirements and make sure that they are breaking no rules.
Yusho Liu, the CEO and founder of Coinhako said, “Coinhako has always adopted a compliant-first approach and with the MPI license to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond.”
Coinhako had obtained an in-principle approval from the MAS in November of last year.
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The CTO of the company, Gerry Eng believes that having a DPI license will allow the platform to become a “tier-one regulated, secure and technologically advanced crypto-solution platform to the regional markets.”
Singapore has a stringent regulatory environment, which gives its financial markets credibility among innovators, entrepreneurs, and investors.
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The country has issued only four other DPT licences uptil now, which are to the Singapore-based fintech firm Fomo Pay, Australian cryptocurrency exchange Independent Reserve, DBS’s brokerage arm DBS Vickers, and crypto payment provider Triple A.
