The team at Coinhako is pleased to confirm that their firm has been granted the Monetary Authority of Singapore’s (MAS) official approval “for a Major Payment Institution (MPI) license.”
Securing the full license means that the firm will be able “to legally operate as regulated providers of Digital Payment Token (‘DPT) Services under the Payment Services Act (PSA).”
This key milestone “marks the pinnacle of our 8-year journey as a homegrown crypto platform, and [the team is] immensely thankful for the community’s trust and support over the years.”
The firm says that 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.”
Yusho Liu, CEO & Co-Founder, Coinhako, stated:
“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.”
Obtaining the license has always been “a top priority for [them].”
Team members across various departments, especially Compliance, “have worked arduously towards helping Coinhako achieve this goal.”
Company CEO & Co-Founder, Yusho Liu, said:
“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, they “are confident that the license will allow us to serve the community better for many years to come.”
Gerry Eng, Co-founder and CTO, added:
“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.”