SBI Holdings invests in Singaporean crypto exchange Coinhako

Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore’s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS). The Coinhako investment was made via a fund jointly set up by SBI and Switzerland-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, according to the notice.Speaking to Cointelegraph, an MAS spokesperson highlighted the importance of seeking licensing approvals for crypto businesses:Coinhako became the first crypto-asset exchange from Singapore to get in-principle approval from MAS to conduct Digital Payment Token services, the same license application that Binance withdrew on Monday. In this regard, MAS spokesperson told Cointelegraph:With SBI’s fund infusion and a pre-existing international network, Coinhako plans to “expand our business to other countries in Southeast Asia while being based in Singapore.” According to SBI, the fund will be co-managed by both parties involved with a focus on financial market infrastructure and distributed ledger technology.Related: Singapore suspends exchange Bitget’s license over K-pop coin promotionThe Monetary Authority of Singapore suspended the license of Bitget after the digital asset platform listed a K-pop-related cryptocurrency, Army Coin (ARMY).As Cointelegraph reported, the listing and promotion of ARMY reportedly violated the boy band’s intellectual property rights. Going on the offensive, the crypto exchange claimed to have licenses in other jurisdictions, such as Australia, Canada and the United States, announcing:

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