MAS approves Coinhako to provide DPT services
After obtaining the MPI license, Coinhako will be able to legally operate as a regulated digital payment token (DPT) service provider under the Payment Services Act (PSA).
According to the publication of the eight-year-old crypto exchange, obtaining the license has always been a top priority for the company so that it can operate legally and cooperate with regulators. Coinhako’s achievement of this goal was made possible by members of many departments, especially compliance.
The company’s co-founder and CEO, Yusho Liu, says it’s essential that “institutional and corporate investors have confidence in Singapore’s financial stability” as interest in the crypto sector continues to grow. .
“Having received the MPI license to provide DPT services, Coinhako is in a unique position to introduce a regulated, secure and technologically advanced Tier 1 crypto solution platform to regional markets,” said Gerry Eng, Co-Founder and CTO of Coinhako. .
Notably, the Monetary Authority of Singapore announced a new set of rules on January 17, 2022, outlining its expectations of DPT service providers in terms of publicly promoting their DPT services in Singapore. They should not promote their DPT services to the general public in Singapore, according to MAS.
Is Singapore Crypto Demand Weakening?
Singapore, which is known for its pro-crypto stance, is well positioned to be Asia’s fintech hub, with strong business infrastructure and forward-thinking regulations. However, its potential seems to be weakening.
Previously, only companies providing services in Singapore had to be licensed. However, in April, the Singapore government passed a law requiring crypto firms located in the city-state to also be licensed, even if they operate exclusively outside the country.
It is also important to note that a report by Coincub revealed that Germany has overtaken Singapore to become the most crypto-friendly country in the world.