OKX Secures In-Principle Approval for Major Payment Institution License in Singapore
OKX, a prominent global cryptocurrency exchange and Web3 technology firm, has achieved a significant regulatory milestone in Singapore. The Monetary Authority of Singapore (MAS) has granted OKX SG Pte. Ltd., the company’s Singapore subsidiary, in-principle approval for a Major Payment Institution License (MPI).
This approval marks a pivotal moment for OKX, allowing it to offer digital payment token and cross-border money transfer services in Singapore under the Payment Services Act 2019 (PS Act). With this license, OKX aims to develop a tailored suite of products and services specifically designed for the local market.
Singapore, recognized as a priority market by OKX, presents abundant opportunities for crypto businesses. According to OKX President Hong Fang, the in-principle approval from MAS validates the company’s commitment to the region and signifies an exciting opportunity to contribute responsibly to the Singaporean crypto ecosystem.
Regulatory compliance is a cornerstone of OKX’s business strategy, emphasizing its dedication to upholding market integrity and security. OKX’s Chief Legal Officer, Mauricio Beugelmans, lauds MAS’s robust regulatory framework, which prioritizes consumer protection and market stability.
OKX’s transparent approach to operations sets it apart in the cryptocurrency industry. The company has been at the forefront of transparency initiatives, pioneering the publication of monthly Proof of Reserves to demonstrate the full backing of user funds held on the platform. This commitment to transparency enhances user trust and confidence in OKX’s services.
Furthermore, OKX’s expansion efforts in Singapore align with its global growth strategy. The company, which processed over $75 billion worth of crypto transactions in February alone, continues to strengthen its presence in key markets worldwide.
In addition to its regulatory achievements in Singapore, OKX recently launched a regional subsidiary in Turkey, further solidifying its global footprint. The company’s focus on expanding its reach underscores its commitment to democratizing access to cryptocurrency services globally.
