OKX, a global crypto exchange and Web3 technology company, has achieved a significant milestone in its expansion efforts by receiving in-principle approval for a Major Payment Institution (MPI) license in Singapore.
TLDR
- OKX’s Singapore subsidiary, OKX SG, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
- The MPI license will allow OKX to provide digital payment token services and cross-border transfers in Singapore, exceeding the transaction volume limitations set by MAS.
- OKX president Hong Fang emphasized Singapore’s importance in the exchange’s global strategy, citing the country’s clear regulatory framework and early adopters in technology.
- The in-principle approval follows OKX’s recent conditional license from Dubai’s Virtual Assets Regulatory Authority.
- Other crypto organizations, such as BitGo, Crypto.com, Coinbase, and Ripple, have also obtained payment institution licenses in Singapore.
The preliminary nod from the Monetary Authority of Singapore (MAS), the country’s principal financial regulator, was granted to OKX’s local subsidiary, OKX SG.
This approval paves the way for OKX to offer digital payment token services and cross-border transfers in Singapore, allowing the exchange to exceed the transaction volume limitations set by MAS for payment firms.
OKX president Hong Fang emphasized the importance of Singapore in the company’s global strategy, citing the country’s clear and thoughtful regulatory framework and its attractiveness to entrepreneurs venturing into new markets.
Fang also highlighted Singapore’s early adopters, who are well-versed in technology, making it an ideal market for OKX to build long-term relationships with its customers.
With the in-principle approval, OKX plans to focus on its spot product in Singapore initially, with future plans to bring local banking connections to its customers and expand its offerings.
The MPI license will enable OKX to facilitate multiple payment services, exceeding the 3 million Singapore dollars (approximately $2.2 million) limit for any single payment service and the monthly limit of 6 million Singapore dollars ($4.4 million) for two or more payment services.
This milestone follows OKX’s recent success in securing a conditional license from Dubai’s Virtual Assets Regulatory Authority, allowing the company to offer regulated services for virtual asset service providers in the region.
OKX joins a growing list of crypto organizations, including BitGo, Crypto.com, Coinbase, and Ripple, that have obtained payment institution licenses in Singapore, further solidifying the city-state’s position as a leading crypto hub in Asia.
