A Message from the CEO: Update on the Regulatory Approach Taken at Hodlnaut
As Hodlnaut continues to grow its user base by delivering innovative products and services, the company also strives to comply with the regulatory requirements.
Being incorporated in Singapore, Hodlnaut has applied for the Major Payment Institution license under the Payment Services Act and is currently in the process of obtaining its license. At present, Hodlnaut has been granted an exemption from holding a licence under the Payment Services Act and therefore is able to continue offering its products and services to its valued users.
As part of its continuous goal to remain compliant with local regulations, Hodlnaut takes a proactive approach towards assessing its own regulatory compliance. We would like to take this opportunity to shed some light on our decision to suspend and thereafter re-enable token swap in the past months.
- Our announcement on the suspension of token swap was made via our press release titled “Token Swap Feature Suspension for Singaporean Users”
- Our announcement on the re-enablement of token swap was made via our press release titled “Hodlnaut Announces the Re-enablement of Token Swap for Singapore Users”
These decisions were made after conducting several rounds of internal risk evaluations. Having decided to take a more proactive regulatory approach while conducting our extensive legal and compliance investigations, Hodlnaut had initially suspended token swap to err on the side of caution, but was later able to land on stronger ground to support its re-enablement. The suspension and re-enablement of token swap were initiatives taken by Hodlnaut and not decisions which required the local regulators’ approvals.
We will keep our users informed with regards to our regulatory and compliance efforts as we believe in building trust through transparency. We are extremely thankful for the trust and support our users have given us and we strive to make Hodlnaut the best platform that it can be.
CEO & Co-founder
Hodlnaut is a Singapore-based cryptocurrency borrowing and lending platform that allows users to earn interest 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 platform offers up to 12.73% APY on six supported assets: BTC, WBTC, ETH, DAI, USDC, and USDT.
Hodlnaut is undergoing license application under the Payment Services Act 2019 by the MAS (Monetary Authority of Singapore) and aims to become the first regulated entity in Singapore within the cryptocurrency lending and borrowing space. The company is a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS.
For more information, please visit www.hodlnaut.com.