Cryptocurrency Exchange Coinhako Gets Principle Approval To Offer DPT Services

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Singapore’s cryptocurrency platform Coinhako announced today (Nov 16) that a principle approval has been issued by the Monetary Authority of Singapore (MAS) to provide digital payment token services (DPT) under the Payment Services Act (PSA). ) as a principal payment institution.

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

Collin Cheong, Coinhako’s director of business development said the team has worked hard over the years to ensure the business is developed in a compliant manner and the receipt of principle approval serves as an affirmation of the team’s efforts to date.

It is now working hard “in the coming weeks” to meet MAS requirements to receive the Major Payment Institution license to provide DPT services in Singapore.

This license is required for vendors wishing to conduct 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 DPTs under the Payment Services Act is a clear indication of our nation’s willingness to nurture innovations in the digital asset and cryptocurrency space, balancing the need to protect consumers and social interests, “added Yusho Liu, co -Founder and CEO of Coinhako.

“This will not only contribute to Singapore’s growth as a financial hub for cryptocurrencies, but will also allow retail traders and institutions to better identify which institutions are able to meet their digital asset needs.”

Riding the boom in the cryptocurrency market

Image credit: Coinhako

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

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

Coinhako has grown tremendously from the start. In the first eight months of 2021, Coinhako recorded a 1,000 percent increase in trading volume, compared to the whole of 2020.

It currently 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 assets platform to serve institutional and high net worth markets. It also recently hosted Singapore’s first large-scale NFT gallery event, Right Click + Save, at Le Freeport, which attracted international attention.

In the wake 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 the Asia-Pacific region are considering using cryptocurrency within the next year, which is higher than the global average of 40%.

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

“Coinhako contributes to Singapore’s growth 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 customers, “said Gerry Eng, Coinhako co-founder and CTO.

“Our vision is to make Coinhako the best cryptocurrency trading platform in Singapore and across the region.”

Featured Image Credit: Coinhako

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