Singapore, September 2, 2024 - Cryptocurrency exchange OKX has secured a major regulatory milestone in Singapore.
Singapore, September 2, 2024 - Cryptocurrency exchange OKX has secured a major regulatory milestone in Singapore, obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This new license empowers OKX to offer a broader range of digital payment services to customers in the city-state.
The MPI approval comes after OKX received an in-principle approval from MAS back in March 2024. With this license, OKX can now exceed the volume limitations typically imposed on payment institutions in Singapore. This will enable the exchange to facilitate cross-border money transfers and provide digital payment token services more seamlessly.
Concurrent with the licensing achievement, OKX has appointed Gracie Lin as the new Chief Executive Officer for its Singapore operations.
Lin brings a wealth of experience to this role, having previously held senior positions at technology company Grab and sovereign wealth fund GIC. Notably, Lin also spent nearly a decade at MAS, serving as Deputy Director and Head of Money Markets, providing her with deep regulatory expertise.
In a statement, OKX outlined its plans to enhance its product offerings for Singaporean customers. This includes introducing seamless connectivity to local bank accounts, allowing for easier deposits and withdrawals.
"Our long-term ambitions in Singapore go beyond just products. We aim to be a key contributor to the development of the local digital asset industry by collaborating closely with regulators, partners, the broader community and our customers to drive responsible innovation," the company said.
Singapore's position as a leading global hub for cryptocurrency and digital asset adoption has been further cemented by this development.
A recent study by investment migration consultancy firm Henley & Partners ranked Singapore first worldwide in terms of crypto adoption, citing the country's favorable financial, business, and regulatory environment.
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