Singapore cryptocurrency firm Hodlnaut gets license from Singapore regulator for additional payment services

Singapore-based cryptocurrency platform Hodlnaut said Tuesday it has received an in-principle approval (IPA) letter for a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act).

Hodlnaut said in a statement it currently offers two digital payment tokens (DPT) services, which are (i) borrowing and lending services and (ii) token swap feature. Currently, MAS is only regulating Hodlnaut’s DPT token swap feature, and not its DPT borrowing and lending services.

Hodlnaut said securing the IPA for the token swap feature is a significant milestone for the trailblazing Singapore-based crypto platform in its endeavour to provide a reliable service for users.

“We are thrilled to have received the in-principle approval (IPA) of the Monetary Authority of Singapore to provide digital payment token (DPT) services as a Major Payment Institution. This aids with regulatory clarity and allows us to continue to serve our users through our existing DPT services. With this, we are confident about the growth of Hodlnaut,” said Juntao Zhu, Chief Executive Officer, and Co-Founder of Hodlnaut.

Hodlnaut is committed to staying compliant with the regulatory requirements while providing the best service for its users. The firm will continue working through the conditions of its in-principle approval with a view towards meeting the requirements of the MAS to receive its full license.

Hodlnaut is a Singapore-based cryptocurrency borrowing and lending platform that allows users to earn interest of up to 12.73 percent on their cryptocurrencies by lending them to vetted institutions. Founded in April 2019 by bitcoin maximalists Juntao Zhu and Simon Lee, Hodlnaut has grown remarkably over the years.

The company has received an IPA for a Major Payment Institution License in Singapore from the MAS under the Payment Services Act (PS Act). It is also a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS.

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