Crypto exchange Coinhako supports in principle the provision of DPT services – Wired PR Lifestyle Story

Singapore’s Coinha cryptocurrency platform today (November 16) announced that the Singapore Monetary Authority (MAS) will provide digital payment token (DPT) services as the primary payment gateway (PSA). organization.

This makes Coinha the first non-local crypto exchange to receive this approval from Coinha.

Collin Cheong, Coinhako’s Director of Corporate Development said the team has worked hard over the years to ensure the business develops properly and receiving acceptance of the principle has served as a confirmation of the team’s efforts so far.

It is now working hard to meet the requirements of the MAS to receive a license from the Central Paying Agency to provide DPT services in Singapore “in the coming weeks”.

This license is required for suppliers who want to sell and buy DPTs (including cryptocurrencies like Bitcoin) or for providers who want to operate a platform that allows people to exchange DPTs.

“Singapore has always been at the forefront of fintech innovation. The regulation of DPTs under the Payment Services Act is a clear indicator of our nation’s willingness to promote innovation in the digital assets and cryptocurrency space, while balancing the need to protect consumers and social interests, ”added Yusho Liu, Coinhako founder and CEO.

“This will add to Singapore’s growth as a cryptocurrency financial center, but will allow retailers and organizations to better identify which institutions are meeting their digital asset needs.”

The crypto market is growing

Founded in 2014, Coinhako offers fiat-to-crypto and crypto-to-crypto trading services with a digital wallet to help merchants store their digital assets easily and securely.

It is headquartered in Singapore and is backed by major investors such as Tim Draper and Josh Jones and venture capital firms such as Boost VC.

Coinha has grown tremendously since its inception. In the first eight months of 2021, Coinhako has increased its trading volume by 1,000 percent compared to the full year 2020.

It currently has more than 300,000 registered users in Singapore and an average of 150,000 active users per month.

Earlier this year, Coinhako launched Privé, a digital asset platform to serve institutional and net worth markets. He recently hosted the first event of Singapore’s large-scale NFT gallery, Right Click + Save, at Le Freeport, which has garnered international attention.

Behind this strong growth, the global cryptocurrency market is growing, having recently reached the US $ 3 trillion mark for the first time.

According to a recent Mastercard survey, 45 percent of consumers in Asia Pacific are thinking about using cryptocurrency next year, higher than the world average of 40 percent.

In Singapore and across the region, banks have accelerated their efforts to adopt a blockchain and offer crypto trading, and traditional financial institutions have launched their own crypto-exchange platforms.

“Coinhako contributes to the growth of Singapore as a crypto site. In the coming years, we will expand our services to Singapore and more regional markets, ensuring that our platform remains a safe and secure platform for our customers,” said Gerry Eng, Coinhako co-founder and CTO .

“Our vision is to become the leading crypto-trading platform in Coinha Singapore and across the region.”

Credits for this image: Coinhako