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

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.  

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By GlobalData

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.