Cryptocurrencies like Bitcoin and Ethereum have made digital payment tokens a reality. They make it possible for users to make payments as well as for merchants to accept payments in tokens as opposed to fiat currencies. The popularity of cryptocurrencies has also led to the emergence of a lot of trading platforms and exchanges.
The Monetary Authority of Singapore (MAS) granted Coinhako a full license to offer digital payment tokens (DPT) under the Payment Services Act (PSA).
In a statement, Coinhako stated that obtaining the license has always been a top priority, and that the company had worked diligently to achieve this goal.
In November last year, in-principle approval had been obtained from the regulator.
Other licenses have so far been granted by MAS to the Australian cryptocurrency exchange Independent Reserve, the brokerage arm of DBS Bank, and the QR code payment solution provider FOMO Pay.
A digital wallet is provided by Coinhako for traders to store their digital assets, offering both fiat-to-crypto and crypto-to-crypto trading services.
“As interest in digital assets continues to grow, it is crucial for institutional and corporate investors to have confidence in Singapore’s financial stability and to know that policies and frameworks are in place to protect their assets.
As Asia’s gateway to the crypto-economy and beyond, Coinhako has always prioritized compliance, and the MPI (Major Payment Institution) license will help us further that mission.”
“Coinhako, having been granted a license by MPI to provide DPT Services, is uniquely positioned to provide the region with a regulated, secure and technologically advanced crypto-solution platform, ”said Gerry Eng, Co-founder and CTO of Coinhako.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
