Crypto exchange coinhako receives DPT license from MAS
Coinhako received Digital Payment Token service license from the Monetary Authority of Singapore.
Coinhako is a native crypto exchange of Singapore and now this exchange is trying at its best to expand crypto services to the next level through the operating crypto business under compliance of regulatory authorities of Singapore.
In the latest, Coinhako firm stated that they are working at their best in the favour of the in-principle approval to meet MAS requirements. So with this CoinHako is much closer to the approval of a much-coveted license, as a native crypto exchange.
In the present time, there are numbers of crypto exchanges and businesses including Binance’s subsidiary are waiting to get DPT and other types of licenses to operate crypto businesses in Singapore but are still waiting for a long time, but here the success for Coinhako can bee see through its approach.
Coinhako exchange was launched in 2014 and currently, this exchange has a total of 300,000 registered users and also 150,000 active users monthly. This exchange saw 10 fold growth in the trading volume over the last year because of the increasing crypto adoption by the people. Currently, this exchange is giving its services to Singapore users. This exchange allows crypto-crypto and crypto-fiat trading services.
The initiative of the Monetary Authority of Singapore (MAS) showed that they are high crypto-friendly and aware of blockchain technology. That is why they welcomed many crypto companies to operate the crypto business under compliance with the traditional rules and regulations. And now they are giving a new updated crypto license.
However, a few months ago, the MAS agency prepared its crypto license to issue for the crypto businesses to restrict illicit activities in the country because of crypto involvement.
Before the absence of the crypto license, many businesses were operating their crypto business in traditional DPT services licenses. At present, Binance exchange’s subsidiary is also waiting for the crypto license in Singapore by the MAS authority. However, global Exchange, Binance halted their services from Singapore with the aim that they will come back with the license.
Read also: Binance CEO Owns Only Bitcoin and Binance Coin
