SBI Holdings has received regulatory approval from the Monetary Authority of Singapore to buy a majority stake in Coinhako, a Singapore-based crypto exchange. The deal marks another step in the Japanese financial group's push into stablecoins, onchain finance, and tokenized assets. It also gives SBI a regulated foothold in one of Asia's most active digital-asset hubs.
The approval
The Monetary Authority of Singapore signed off on the acquisition, clearing the way for SBI to take control of Coinhako. Neither side disclosed the exact stake size or financial terms. The exchange has been operating in Singapore since 2014 and holds a major payment institution license from MAS — a key credential that makes it a attractive target for firms looking to comply with the city-state's strict rules.
Coinhako's existing leadership is expected to stay in place, according to people familiar with the matter. But the new ownership will likely reshape the exchange's product lineup as SBI brings its own infrastructure and capital.
Why Coinhako
Coinhako isn't a household name outside Southeast Asia, but it's one of the few MAS-licensed exchanges that survived the 2022 crackdown on unregistered platforms. That license is the real prize. Singapore has become a hard market to enter — regulators demand robust custody, anti-money laundering controls, and local management. Buying a licensed player saves years of paperwork.
The exchange also has a retail and institutional client base in Singapore, Indonesia, and Vietnam. SBI can plug those users into its broader ecosystem, which already includes a crypto brokerage, a mining operation, and a stake in the Taas trading platform.
SBI's crypto push
SBI Holdings has been one of the most aggressive traditional finance players in crypto. It's a major partner of Ripple, runs a crypto exchange in Japan called SBI VC Trade, and has backed several blockchain projects. The Coinhako deal fits a pattern: buy regulated local exchanges rather than build from scratch.
The company has said it wants to focus on stablecoins and onchain finance — a vague term for things like tokenized bonds, funds, and real-world assets. Singapore's regulatory environment is friendlier to those products than Japan's, so Coinhako could become a testing ground for new tokenized offerings.
SBI also has a joint venture with Circle to distribute USDC in Japan. The Coinhako acquisition could let it push USDC into Southeast Asian markets more directly.
The deal still needs to clear customary closing conditions. SBI hasn't said when it expects to finalize the purchase, but regulatory approval is the biggest hurdle. Once done, Coinhako will likely start rolling out stablecoin trading pairs and tokenized asset listings. The exchange's users should see changes in the product menu over the next few quarters.
