Cryptocurrency platform Coinhako has been awarded a major payment institution license by the Monetary Authority of Singapore under the local payment services act.
Yusho Liu, Coinhako CEO and co-founder / Photo credit: Coinhako
The license allows the Singapore-based firm to operate as a regulated provider of digital payment token (DPT) services. The firm received in-principal approval from the regulatory body last November.
Founded in 2014 by Gerry Eng and Yusho Liu, the company has more than 400,000 registered users in the city-state.
Coinhako reported a total trading volume of about US$5.1 billion in 2021 – an increase of 1,200% from the previous year. It also reported a 522% year-over-year growth in account openings.
The company said that with the license, Coinhako was “primed to sustain its growth momentum” and continue connecting users to the crypto space.
See also: How an Animoca game lost 70% of its users after adding KYC
Editing by Samreen Ahmad and Arpit Nayak
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