- OKX has achieved a key milestone in Singapore.
- The exchange will now expand its product and service offerings in the country.
- The development comes after a recent win in Dubai.
Global crypto exchange OKX has secured an in-principle approval for a key license to offer digital asset services in Singapore via its local subsidiary.
The Monetary Authority of Singapore (MAS) ‘s in-principle approval is part of OKX’s strategic expansion into Asia. It comes after the exchange’s Middle East subsidiary secured Dubai’s Virtual Asset Service Provider (VASP) license on January 16.
OKX’s Preliminary Approval in Singapore
According to a press release dated March 13, OKX’s Singapore subsidiary, OKX SG Pte. Ltd has received in-principle approval for a Major Payment Institution (MPI) license, allowing the exchange to expand its products and services in the country under the Payment Services Act 2019 (PS Act).
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The regulator’s nod allows OKX’s subsidiary to offer a range of services, including cross-border payments and digital payment token services, setting the stage for the exchange to build a locally tailored suite of products for Singapore customers.
OKX president Hong Fang welcomed the development, noting that it was exciting to be granted an opportunity to impact the domestic crypto market.
“There is a notable track record of tech and fintech startups establishing their presence in Singapore, building powerful products, and developing a strong brand. We're excited about the opportunity to join the league and build for, and with, the local community in Singapore,” Fang stated.
Fang revealed that the exchange’s first step is to focus on its spot product, which is accessible to users in Singapore via OKX web or iOS or Google Play apps.
In the meantime, the exchange is eyeing the full MPI license, currently held by 18 entities, including Coinbase, Circle, and Blockchain.com.
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