SBI Holdings, a Tokyo-based financial services conglomerate, has announced a joint investment in Coinhako, Singapore’s first legal cryptocurrency exchange (MAS).
The necessity of obtaining regulatory approvals for crypto firms, according to a MAS spokesperson:
“The Payment Services Act’s approach to regulation tries to foster innovation while ensuring that proper safeguards are in place to handle important concerns including money laundering and terrorism financing,” says the MAS.
Coinhako is the first crypto-asset exchange in Singapore to receive in-principle clearance from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token services, the same licence application that Binance withdrew on Monday. A representative for the MAS said in this regard:
“Applicants have the option to withdraw their applications at any time. After which those offering regulated payment services under the exemption will be compelled to stop. MAS has received a plan from Binance Asia Services for the orderly shutdown of its regulated payment services.”
Coinhako aims to expand their business while remaining in Singapore
Coinhako wants to “grow our business to other countries in Southeast Asia while remaining based in Singapore”. Thanks to SBI’s investment and a pre-existing worldwide network. According to SBI, both parties will co-manage the fund, which will focus on financial market infrastructure and distributed ledger technologies.
Bitget’s licence faced suspension by Singapore’s Monetary Authority after the digital asset platform offered Army Coin, a K-pop-related cryptocurrency (ARMY).
According to reports, the boy band’s intellectual property rights allegedly breached in the listing and advertising of ARMY. The crypto exchange went on the offensive, claiming to hold licences in other countries like Australia, Canada. As well as the United States, and announcing:
“We are presently investigating the legal violations in this matter. Including the cryptocurrency’s infringement on our artists’ picture rights without authorization from or discussion with the agency,” said the statement. All infringements and offences will be prosecuted.”