SBI Holdings, a Tokyo financial services company, has announced a joint venture with Coinhako, Singapore’s first crypto-currency exchange approved by the Singapore Financial Authority (MAS).

According to the announcement, Coinhako has invested in a joint venture between SBI and Sygnum Bank of Switzerland, SBI-Sygnum-Azimut Digital Asset Opportunity Fund.

Speaking to Cointelegraph, a MAS spokesman stressed the importance of obtaining licenses for crypto companies:

“MAS’s access to control under the Payment Services Act is intended to facilitate innovation while ensuring that it has adequate control over major risks such as money laundering and terrorist financing.”
Coinhako was the first Singapore private licensed exchange to be approved by MAS to use a digital payment token service. Binance’s license application was issued on Monday. A MAS spokesman told Cointelegraph:

Applicants can withdraw their applications if they deem it appropriate and must stop providing payment services that are discriminated against by detainees. to pay for controlled.
Coinhako plans to “expand its business to other parts of Southeast Asia based in Singapore,” with SBI funding and an already internationally established network. According to SBI, the fund will be jointly managed by the two parties involved, with emphasis on financial market infrastructure and distributed ledger technology.

Related: Singapore Suspends Bitget License Transfer Through K-Pop Coin Ads

The Bitget license was terminated by the Singapore Monetary Authority after the K-Pop-linked cryptocurrency Army Coin (ARMY) was listed on the digital assets platform.

ARMY listing and support has violated the intellectual property rights of the group, according to Cointelegraph. Further, the crypto exchange stated that it is licensed in other locations such as Australia, Canada and the United States:

“We are currently investigating a crime in this regard, including a violation of the cryptocurrency replica rights of the artist, without the permission of the organization or negotiations. We will take legal action against all crimes and crimes.

Source: CoinTelegraph