{"id":147422,"date":"2021-12-15T09:07:01","date_gmt":"2021-12-15T09:07:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=147422"},"modified":"2021-12-15T09:07:01","modified_gmt":"2021-12-15T09:07:01","slug":"sbi-holdings-invests-in-singapore-crypto-exchange-coinhako","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako\/","title":{"rendered":"SBI Holdings invests in Singapore crypto exchange Coinhako"},"content":{"rendered":"

Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore\u2019s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS).\u00a0<\/p>\n

The Coinhako investment was made via a fund jointly set up by SBI and Swiss-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund, according to the notice.<\/p>\n

Speaking to Cointelegraph, a MAS spokesperson highlighted the importance of seeking licensing approvals for crypto businesses:<\/p>\n

\u201cMAS’ 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.\u201d<\/p><\/blockquote>\n

Coinhako became the first crypto-asset exchange from Singapore to get in-principle approval from MAS to conduct Digital Payment Token (DPT) services, the same license application that Binance withdrew on Dec. 13. In this regard, MAS spokesperson told Cointelegraph:<\/p>\n

\u201cApplicants 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.\u201d<\/p><\/blockquote>\n

With SBI\u2019s fund infusion and a pre-existing international network, Coinhako plans to \u201cexpand our business to other countries in Southeast Asia while being based in Singapore.\u201d According to SBI, the fund will be co-managed by both parties involved with a focus on financial market infrastructure and distributed ledger technology.<\/p>\n

Related:<\/em> <\/strong>Singapore suspends exchange Bitget\u2019s license over K-pop coin promotion<\/em><\/strong><\/p>\n

The Monetary Authority of Singapore suspended the license of Bitget after the digital asset platform listed a K-pop-related cryptocurrency, Army Coin (ARMY).<\/p>\n

<\/p>\n

As Cointelegraph reported, the listing and promotion of ARMY reportedly violated the boy band\u2019s intellectual property rights without permission. Going on the offensive, the crypto exchange claimed to have licenses in other jurisdictions such as Australia, Canada and the United States, as it announced:<\/p>\n

\u201cWe are currently looking into the legal violations in this case, including the cryptocurrency\u2019s infringement on our artists\u2019 portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.\u201d<\/p><\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tokyo-based financial services giant SBI Holdings announced<\/p>\n","protected":false},"author":3,"featured_media":147421,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSBI Holdings invests in Singapore crypto exchange Coinhako - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBI Holdings invests in Singapore crypto exchange Coinhako - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Tokyo-based financial services giant SBI Holdings announced\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-15T09:07:01+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/12\/SBI-Holdings-invests-in-Singapore-crypto-exchange-Coinhako.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako\/\",\"name\":\"SBI Holdings invests in Singapore crypto exchange Coinhako - 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