Coinhako exchange became the latest crypto exchange to receive full regulatory approval in Singapore.
Coinhako is a popular Cryptocurrency wallet & trade provider in Southeast Asia. It is headquartered in Singapore and also has a presence in many countries such as Malaysia and Indonesia. This exchange is known to remain active against the security issues to ensure the crypto services with full confidence.
The Monetary Authority of Singapore (MAS) recently granted Coinhako exchange to provide services under the Digital Payment Token Act.
“Securing the full license means that we will be able to legally operate as regulated providers of Digital Payment Token (“DPT”) Services under the Payment Services Act (“PSA’).”
Yusho Liu, CEO & Co-Founder of Coinhako, also shared his happiness with this milestone of the exchange and said that the strict and precise rules of regulatory bodies of Singapore are responsible to force the crypto services provider to give better services under full compliance.
Liu further added:
“institutional and corporate investors must have “confidence in Singapore’s financial stability and the assurance that policies and frameworks are in place to protect their assets.”
With this, Coinhako became the fourth biggest crypto exchange in Singapore, which successfully received full regulatory approval from MAS.
In Singapore, all the crypto exchanges are required to remain under the compliance-based services with the primary requirement of the Payment Services Act to ensure that firm provides services without any risk of money laundering or terrorist funding.
Last month, Revolut and Luno crypto firm received full regulatory approval from the MAS agency to provide crypto services fully in Singapore.
These things are enough to show that it is not easy for crypto Companies to provide services blindly. Singapore is one of the leading regions in this world, where it introduced a regulatory framework to allow this industry to evolve without any risk.