2 years ago
129 SBI Holdings, a Tokyo-based financial services giant company, has confirmed a joint investment in Coinhako. Coinhako is Singapore’s first licensed cryptocurrency exchange that is approved by the Monetary Authority of Singapore (MAS).
Coinhako got regulatory approval from MAS about a month before the SBI funding. The investment by SBI came through a fund that was jointly set up by the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund and SBI, as highlighted in the notice.
While speaking to reporters, one MAS spokesperson mentioned the benefits of seeking all the necessary licensing approvals for cryptocurrency businesses:
“MAS’ approach to regulation under the Payment Services Act seeks to facilitate innovation while ensuring that adequate controls are in place to address key risks such as money laundering and terrorism financing.”
Notably, Coinhako became the first crypto-asset exchange operating in Singapore to acquire in-principle approval from MAS to offer Digital Payment Token (DPT) services. That was the same license type that Binance withdrew on December 13. In that context, a MAS spokesperson said:
“Applicants are able to withdraw their applications should they see fit, upon which those who are operating under the exemption will be required to cease providing regulated payment services. Binance Asia Services has provided MAS with a plan for the orderly cessation of its regulated payment services.”
With the SBI funding infused and the boosting of a pre-existing international network, Coinhako now wants to expand its business to several other nations in Southeast Asia while operating from Singapore as its headquarters.
Based on a statement by SBI, this fund will be co-managed by both parties involved with a major focus on financial market network and distributed ledger technology (DLT). The Monetary Authority of Singapore stopped the license of Bitget after the digital asset firm listed Army Coin (ARMY), a K-pop-related crypto.
Based on previous reports, the listing and promotion of ARMY allegedly violated the boy band’s intellectual property rights without any permission. The crypto exchange went on the offensive and alleged that it had licenses in several other jurisdictions like Canada, Australia, and the United States:
“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”
