SBI Holdings, a Tokyo-based financial services company, announced a joint investment into Coinhako. This is Singapore’s first licensed cryptocurrency exchange approved by Monetary Authority of Singapore.
According to the notice, Coinhako invested via a fund jointly created by Sygnum Bank and SBI, which is the SBI-Synum-Azimut Digital Asset Opportunity Fund.
Cointelegraph was informed by a spokesperson for MAS that licensing approvals are crucial for crypto-businesses.
“MAS’s approach to regulation under Payment Services Act seeks innovation while ensuring that appropriate controls are in place for key risks like money laundering and terrorism funding.”
Coinhako was the first cryptocurrency-asset exchange in Singapore to receive in-principle approval by MAS to offer Digital Payment Token (DPT), services. This is the same license application as Binance on Dec. 13. Cointelegraph was informed by a spokesperson for MAS in this regard:
“Applicants can withdraw their applications at any time. Those who operate under the exemption will then be required to stop providing regulated payments services. Binance Asia Services provided MAS with a plan to orderly cease its regulated payments services.”
Coinhako will use SBI’s infusion of funds and an existing international network to “expand” its business in Southeast Asia. It is expected that Coinhako and SBI will co-manage the fund, with a focus in financial market infrastructure and distributed ledger tech.
Related:Singapore suspends Bitget’s exchange license in protest of K-pop coin promotion
After Bitget listed a Kpop-related cryptocurrency, Army Coin(ARMY), the Monetary Authority of Singapore (MAS) suspended Bitget’s license.
Source: Facebook screenshot
Cointelegraph reported that the promotion and listing of ARMY allegedly violated the intellectual property rights of the boy band. The crypto exchange claimed that licenses were available in other jurisdictions, including Canada, Australia, and the United States.
“We are currently investigating the legal violations in the case, including cryptocurrency’s infringement upon our artists’ portrait right without permission from or discussion to the agency. We will pursue legal action against any infringements or violations.”