Cryptocurrency Firm Hodlnaut Receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS)

Cryptocurrency
First published
March 1, 2022
Last updated
June 30, 2022
Hodlnaut, a Singaporean cryptocurrency platform, has received an IPA from the Monetary Authority of Singapore (MAS). 

Singapore, March 15, 2022 – Cryptocurrency platform Hodlnaut 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). 

Disclaimer: Hodlnaut 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 our DPT borrowing and lending services.

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,” said Juntao Zhu, CEO, and Co-founder of Hodlnaut. “With this, we are confident about the growth of Hodlnaut”, he added.

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 licence.

About Hodlnaut

Hodlnaut is a Singapore-based cryptocurrency borrowing and lending platform that allows users to earn interest of up to 7.25% 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. 

Hodlnaut has received an in-principle approval (IPA) for a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act) for its Token Swap feature. The firm is also a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS.

For more information, please visit www.hodlnaut.com.

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Disclaimer: By using Hodlnaut, users expressly acknowledge and agree to the Terms of Use listed on our website at www.hodlnaut.com. This includes the relevant risk warnings applicable to you as a user of Hodlnaut's services, prior to/when carrying out Digital Payment Token (DPT) transactions. This article is for informational purposes only, and is not an offer nor a solicitation to invest in DPT, securities, funds, partnership interests or other investments or funding or purchasing loans. It is the user's sole responsibility to conduct due diligence and research extensively into each DPT and platform, and understand that the volatility and unpredictability of the price of DPT may result in significant loss over a short period of time. No information on Hodlnaut should be considered to be business, legal, financial or tax advice regarding the use of Hodlnaut. Users should consult their own legal, financial, tax or other professional advisors before using Hodlnaut. Please refer to our website at https://www.hodlnaut.com/tos for the full Terms of Use.

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