Tokyo’s leading financial services company SBI Holdings has teamed up with Swiss-based Sygnum bank in a joint investment into Coinhako — Singapore’s first licensed crypto exchange.
The investment is tagged the “SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund”, and was made possible, only because Coinhako had gotten approval from the Monetary Authority of Singapore (MAS), says the notice.
Coinhako To Use SBI Holdings Investment To Expand To Other Countries
The MAS as a regulator has always maintained why it is necessary for crypto businesses to get its licensing approvals and work within its regulations. According to the regulator, it has already put adequate measures in place to ensure that crypto businesses do not become a front for terrorism, money laundering, and other illicit activities.
So in that regard, Coinhako became the first Singapore-based crypto-asset exchange platform to get approved by MAS to be carrying out Digital Payment Token (DPT) services.
Interestingly, this is the same license that Binance was applying for before the global exchange withdrew its application on December 13.
Meanwhile, Coinhako may have revealed what it hopes to use the investment funds to do. According to the exchange, it will be looking to use the funds to facilitate its expansion moves into other countries in Southeast Asia, while being headquartered in Singapore.
SBI also claims that the fund will be manged by the two parties, with focused attention on distributed ledger technology and financial market infrastructure.