SBI Holdings has taken a stake in Singapore's Crypto-to-Crypto exchange Coinhako

SBI Holdings, a Tokyo-based financial services corporation, announced a collaboration with Coinhako, Singapore’s first authorized crypto exchange permitted by the Monetary Authority of Singapore (MAS).

According to the announcement, the Coinhako investment was made via a fund established by SBI and Sygnum Bank, Switzerland’s Sygnum Bank, known as the SBI-Sygnum-Azimut Digital Asset Opportunity Fund.

An MAS official stated that it is critical for virtual currency firms to obtain licensing approvals: “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.”

According to Coinhako, it became the first crypto-asset exchange from Singapore to receive in-principle approval from MAS to offer Digital Payment Token services, following Binance’s decision on Monday. “In this case, the Monetary Authority of Singapore (MAS) spokesperson stated: “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.”

Coinhako is based in Singapore and plans to “expand our operations to other countries in Southeast Asia while maintaining offices there.” The fund will be co-managed by both parties involved, with a focus on financial market infrastructure and distributed ledger technology, according to SBI.

The Monetary Authority of Singapore revoked Bitget’s license after the digital asset platform offered a K-pop-related cryptocurrency, Army Coin (ARMY).

The listing and promotion of ARMY, as reported by Cointelegraph, apparently breached the boy band’s intellectual property rights. The exchange retaliated by claiming to have licenses in other jurisdictions including Australia, Canada, and the United States, stating:

“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.”

Coinhako is a Singapore-based cryptocurrency exchange that received regulatory approval from the Monetary Authority of Singapore just one month before they secured $15 million in funding. If you need any assistance with SBI Funding or anything crypto related, contact Crypto Tax Calculator Australia today to learn more about how we can help.