- OKX has scored a big win in Singapore.
- The exchange’s local subsidiary obtained a full license from MAS.
- The development followed an in-principle approval in March.
Crypto exchange OKX announced on Monday that its Singapore entity had secured a Major Payment Institution (MPI) license from the country’s financial watchdog, the Monetary Authority of Singapore (MAS).
The development came after MAS granted the exchange’s local subsidiary, OKX SG Pte. Ltd, in-principle approval for the license in March, allowing it to expand its products and services under the Payment Services Act 2019 (PS Act). OKX said it would leverage the preliminary approval focus on its spot crypto services via its web platform and mobile apps on the App Store and Google Play.
OKX SG Obtains Singapore’s Full Authorization
In a statement on September 2, OKX said the full MPI license allowed its local subsidiary to offer digital payment tokens and cross-border money transfer services, including crypto trading for qualified users in Singapore.
Sponsored
The full authorization enables OKX SG to exceed certain volume limitations for payment institutions in Singapore. Per MAS, MPI license holders can surpass a trading volume of $2.2 million for a single payment service and $4.4 million for multiple payment services.
OKX President Hong Fang lauded the development, noting that it underscored the exchange’s continued commitment to building responsibly in the “Lion City.”
“We feel privileged to have the opportunity to continue to contribute to the local community in a secure, transparent and thoughtful way. The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore,” Fong stated in a separate statement.
Fong further revealed that OKX had appointed Gracie Lin as OKX SG’s CEO to oversee the exchange’s local products and services. Per the statement, Lin has broad and relevant experience in investment management, public policy, tech startups, and capital markets.
Stay updated on why Tornado Cash users risk account liquidation on OKX:
Tornado Cash Users Risk Account Liquidation, OKX Warns
Read about OKX’s move to add Hamster Kombat’s HMSTR token to its new pre-market futures:
OKX Adds Hamster Kombat’s HMSTR Token to New Pre-Market Futures
