Singapore’s leading cryptocurrency platform receives Major Payment Institution licence to provide digital payment token services
Coinhako (Hako Technology Pte Ltd), Singapore’s leading cryptocurrency platform and one of the longest-standing crypto platforms in the Asia Pacific region, has been granted Monetary Authority of Singapore (“MAS”) official approval for a Major Payment Institution (“MPI”) licence. The licence allows Coinhako to formally operate as a regulated provider of Digital Payment Token (“DPT”) Services under the Payment Services Act (“PSA”), strengthening its position as Singapore’s leading provider of crypto-based solutions.
Established in 2014, the homegrown crypto platform has grown from a small team of developers to over 200 staff employed in its Singapore and regional offices. In 2021, Coinhako reported a total trading volume of approximately S$7 billion ($5.1 billion), an increase of 1200% from the previous year, and 522% year-over-year (YoY) growth in account openings. Having obtained the MPI licence for the provision of DPT Services, Coinhako is primed to sustain its growth momentum and to continue its mission in responsibly connecting users to the crypto space.
Commenting on the licence approval, Yusho Liu, Coinhako Co-founder and CEO, said, “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. 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.”
Gerry Eng, Co-founder and CTO, adds, “Our teams are constantly reviewing our existing protocols against best practices in the industry and have astutely leveraged on new technologies to ensure that our compliance and security frameworks are world-class and robust. 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.”
Founded in 2014, Coinhako is Singapore’s leading cryptocurrency platform and one of the longest-standing crypto platforms in the Asia Pacific region, with over 400,000 registered users in Singapore. Established by industry experts Yusho Liu and Gerry Eng, Coinhako aims to be Asia’s gateway to the crypto-economy, providing easy access to digital assets like Bitcoin and other cryptocurrencies in Asia. In 2022, Coinhako was granted the Monetary Authority of Singapore official approval for a Major Payment Institution licence, allowing Coinhako to formally operate as a regulated provider of Digital Payment Token Services under the Payment Services Act. Coinhako is backed by prominent investors Tim Draper, as well as established venture capital firms such as Boost VC, Jump Capital, SBI Holdings, Sygnum Bank, and Azimut Investment Management.
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This corporate update is for informational purposes only. Nothing herein shall constitute an offer to sell or a solicitation of an offer to purchase any digital assets, or an invitation to use any of Coinhako’s services, and should not be relied upon to make any investment decisions. Transacting in digital assets involves significant risks and may not be suitable for all persons. Nothing herein is intended to provide legal, financial, tax or other advice and you should carefully evaluate and consider the risks associated with transacting in digital assets. You should consult your legal, financial, tax or other professional adviser(s) if you have any doubt as to such risks.