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May 9, 2022

Coinhako secures approval to offer digital payment token services in Singapore

Singapore-based cryptocurrency exchange Coinhako has obtained a licence to roll out digital payment token (DPT) services in the country.

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The licence from the Monetary Authority of Singapore (MAS) allows the firm to legally operate as regulated providers of DPT services under the Payment Services Act (PSA).

The firm previously had an in-principle approval from the regulator to offer DPT services, according to a report by The Business Times.

Coinhako CEO and co-founder Yusho Liu said: “Singapore’s stringent regulatory environment has been key in building the country’s strong and credible risk management reputation amongst innovators, entrepreneurs and investors.

“As interest in digital assets grows, it’s critical that institutional and corporate investors have confidence in Singapore’s financial stability and the assurance that policies and frameworks are in place to protect their assets.”

Founded in 2014, Coinhako provides investors with access to digital assets such as Bitcoin. The firm, which also has a presence in Vietnam, specialises in on-and-off ramp services for digital assets with local currencies.  

Commenting on the latest development, Coinhako CEO and co-founder Yusho Liu said: “Coinhako has always adopted a compliant-first approach and with the MPI licence to provide DPT Services, we are able to further our mission in being Asia’s gateway to the crypto-economy and beyond.”

Coinhako co-founder and CTO Gerry Eng added: “Having received the MPI licence to provide DPT Services, Coinhako is uniquely positioned to present a tier-one regulated, secure and technologically advanced crypto-solution platform to the regional markets.”

This March, blockchain infrastructure platform Paxos secured in-principle nod from MAS to launch DPT services in the country.

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
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  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
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