Singapore Crypto Platform Coinhako Receives In-Principle Approval To Provide Local DPT Services
Singapore-based cryptocurrency platform Coinhako announced on Tuesday, 16 November that it has been issued an in-principle approval from the Monetary Authority of Singapore (MAS) to provide local digital payment token (DPT) services under the Payment Services Act (PSA).
The announcement makes Coinhako the first homegrown, non-bank crypto exchange to receive in-principle approval.
“Coinhako recognised very early on that the industry would move towards regulation and the team has worked very hard over the years to ensure that the business is developed in a compliant manner,” said Collin Cheong, Coinhako’s Corporate Development Director.
“The receipt of the in-principle approval is a wonderful affirmation of the team’s efforts till date.”
Taking effect in January 2020, the PSA is a law that consolidated and updated various payments-related legislation in Singapore. It introduced new licensable activities, including the sale and purchase of di