SBI Holdings Takes the Crypto Plunge
In an exciting twist for the financial world, Tokyo’s SBI Holdings has chosen to partner with Coinhako, Singapore’s first licensed crypto exchange. This joint investment is coming through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, established with Switzerland-based Sygnum Bank. Talk about cross-border partnerships!
The Importance of Sound Regulation
As cryptocurrency continues to make waves globally, the matter of regulation has never been more vital. A spokesperson from the Monetary Authority of Singapore (MAS) pointed out that their approach is all about balancing innovation with necessary regulations. They’re essentially saying, “Bring on the innovation, but with adequate controls against money laundering and terrorism financing!” Now that’s a tightrope walk if we’ve ever seen one!
Coinhako’s Key License Approval
Coinhako is officially waving its flag high as the first crypto-asset exchange in Singapore to gain the in-principle approval from MAS to conduct Digital Payment Token services. Meanwhile, Binance has gone a different direction, recently withdrawing its own license application. Talk about a twist in the tale!
Expansion Plans on the Horizon
With fresh funds from SBI, Coinhako plans to spread its wings and expand its operations throughout Southeast Asia, all while keeping Singapore as its home base. SBI’s international connections are set to play a pivotal role in this ambitious plan. Coinhako is definitely on the move!
Recent License Suspensions in Singapore
But not all news from Singapore is rosy. The MAS recently suspended the license of Bitget after the exchange started listing a K-pop-related cryptocurrency, Army Coin (ARMY). As if that’s not dramatic enough, the crypto exchange claims it holds licenses in multiple countries, including Australia, Canada, and the U.S., and is considering legal action over the matter. The drama continues!
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