MAS Greenlights Cross-Border Crypto Play
SBI Holdings, a Japanese financial giant with more than 14 million users and $308 billion in assets under custody, has solidified its Southeast Asian presence by acquiring a majority stake in Coinhako, a Singapore-based cryptocurrency platform. The deal was made possible after the Monetary Authority of Singapore (MAS) granted approval, underscoring the regulatory rigor required for such cross-border transactions. Coinhako, which operates through Hako Technology Pte. Ltd., holds a Major Payment Institution license from MAS—a critical credential for operating legally in Singapore’s tightly regulated digital asset environment.
The acquisition was executed via SBI Ventures Asset Pte. Ltd., a subsidiary of SBI Holdings, which injected capital into Holdbuild Pte. Ltd.—Coinhako’s parent company—and purchased shares from existing stakeholders. This multi-step process culminated in the transaction closing on July 16, making Coinhako an official consolidated subsidiary within SBI’s expanding digital asset network.
Coinhako’s parent company, Holdbuild Pte. Ltd., became majority-owned by SBI after the transaction closed on July 16.
Coinhako Now Under Japanese Ownership
With this move, Coinhako shifts from being a homegrown Singaporean exchange to part of a Japanese conglomerate’s global portfolio. The acquisition also brings Alpha Hako Ltd., registered with the British Virgin Islands Financial Services Commission, under SBI’s umbrella—expanding the group’s regulatory reach beyond Singapore alone.
On paper, Coinhako remains a familiar brand to its regional user base; but behind the scenes, it now benefits from deep-pocketed Japanese ownership and access to broader infrastructure. For SBI Holdings, this acquisition is the latest in a series of strategic plays aimed at consolidating its position in Asia’s crypto sector.
Financial terms of the transaction have not been disclosed.
Major Payment License Key to Deal
Coinhako’s Major Payment Institution license was central to the deal’s appeal. This license, held through Hako Technology Pte. Ltd., allows Coinhako to offer digital payment token services within Singapore—a jurisdiction known for its robust regulatory standards. According to cointelegraph.com, obtaining MAS approval was not just procedural but pivotal: it provided SBI with assurance that its new subsidiary operates within one of Asia’s most respected compliance frameworks.
This compliance is particularly significant as regulators worldwide tighten oversight on digital asset platforms. By acquiring an entity already vetted by MAS, SBI sidesteps many of the hurdles faced by new entrants into Singapore’s market.
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SBI’s Crypto Ambitions Accelerate Further
The Coinhako acquisition caps off a period of notable activity for SBI Holdings in the digital asset space. Earlier this month, SBI led a $76 million Series C funding round for EDX Markets—an institutional crypto exchange—demonstrating its appetite for both infrastructure and end-user platforms. In June, SBI agreed to acquire Tokyo-based Bitbank for approximately $289 million, further consolidating its presence in Japan’s crypto sector.
In February, SBI and Startale Group jointly launched Strium, a layer-1 blockchain project focused on tokenized securities and real-world assets—a sign that SBI is betting not only on exchanges but also on blockchain infrastructure itself. The group has also recently introduced JPYSC, a yen-denominated stablecoin; however, withdrawals to external wallets remain unsupported at this stage, limiting its use to internal platforms.
These moves collectively signal an aggressive strategy: rather than relying solely on organic growth or partnerships, SBI is opting for direct ownership and operational control across multiple jurisdictions and verticals.
Acquisition Caps String of Bold Moves
While the financial details surrounding the Coinhako deal remain undisclosed, what is clear is that SBI Holdings is leveraging acquisitions as part of a larger regional consolidation play. The company has also partnered with Ondo Finance to tokenize Japanese equities and teamed up with the Solana Foundation to launch an on-chain financial market in Japan—initiatives that reinforce its commitment to both innovation and market expansion.
It remains uncertain how quickly these integrations will yield tangible results for users or whether regulatory differences between Japan and Singapore will pose operational challenges down the line. Still, with MAS approval secured and Coinhako now officially under Japanese ownership as of July 16, SBI Holdings appears determined to shape Southeast Asia’s crypto landscape through scale and compliance-driven strategy.
The Bottom Line
- •SBI Holdings acquired a majority stake in Coinhako’s parent Holdbuild, with the deal closing on July 16, 2024.
- •The acquisition was approved by the Monetary Authority of Singapore (MAS); Coinhako holds a Major Payment Institution license via Hako Technology Pte. Ltd.
- •SBI Holdings, with over 14 million users and $308 billion in assets under custody, expands its digital asset network into Southeast Asia.
Next milestones
If Coinhako’s Major Payment Institution license status with MAS remains unchanged following its consolidation as an SBI Holdings subsidiary after the July 16 transaction close, Coinhako can continue operating under Singapore’s regulatory framework; any change or review by MAS would immediately affect its ability to offer regulated crypto services in Singapore.
