Coinhako Obtained a Full Licence in Singapore

Under Singapore's Payment Services Act, cryptocurrency exchanges must be regulated and mainly controlled to prevent money laundering and terrorism financing.

This is the company's fourth complete licence from MAS.

Revolut and Luno, two other crypto businesses, gained in-principle authorization from the MAS to offer fully regulated cryptocurrency services in Singapore last month.

Managing director Ravi Menon spoke at the Financial Times' Crypto and Digital Assets Summit last month. The MAS has granted 11 digital payment token service provider licences and in-principle approvals in the previous two years.

Over 100 businesses have submitted proposals for consideration.

Many DPT service providers are now exempt from working in Singapore until their application is granted or denied by MAS or the applicant withdraws their application.

Coinhako is a cryptocurrency exchange that allows investors, including retail investors, to purchase and sell numerous cryptocurrencies using various payment methods such as bank transfers and credit cards.

It also has a wallet that allows Coinhako users to store, transfer, and trade a wide range of coins.

Coinhako reported a total trading volume of over $7 billion last year, marking a 1,200% rise over the previous year. During the same period, account openings increased by 522 percent year over year.