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SBI Holdings Invests In Singapore Crypto Exchange ‘Coinhako’.

SBI Holdings, a Tokyo-based financial services conglomerate, revealed a combined investment in Coinhako, Singapore’s first legal cryptocurrency exchange certified by the Monetary Authority of Singapore (MAS).

As per the notification, the Coinhako Company has invested through a fund established together by SBI and Switzerland-based Sygnum Bank, called the SBI-Sygnum-Azimut Digital Asset Opportunity Fund.

The Payment Services Act’s strategy to governance by MAS attempts to foster innovation while guaranteeing proper controls are in place to handle significant concerns such as financial fraud and terrorism funding.

Coinhako is the inaugural Singaporean crypto-asset exchange to receive in-principle clearance from the MAS to offer Digital Payment Token services, the same license application that Binance dropped on Monday. Applicants may retract their petitions at any time, and those who are currently acting under the exclusion must stop offering controlled payment services. Binance Asia Services has given the Monetary Authority of Singapore a plan for the peaceful termination of its regulated payment services.

The Monetary Authority of Singapore revoked Bitget’s license when the digital asset marketplace advertised Army Coin, a K-pop-related cryptocurrency (ARMY). According to earlier reports, the listing and advertising of ARMY allegedly breached the boy band’s copyrights. Going on the attack, the cryptocurrency exchange stated to hold licenses in several countries, including Australia, Canada, and the United States.

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