In a significant development for the cryptocurrency exchange, OKX, through its local subsidiary, has received in-principle approval from Singapore’s financial regulator for a Major Payment Institution (MPI) license. OKX SG. This approval paves the way for OKX to expand its service offerings and trading capabilities within the Singapore market.
Navigating Regulatory Waters: OKX’s Path to Compliance
OKX’s obtaining in-principle approval from the Monetary Authority of Singapore (MAS) is an important step in its compliance journey. Once fully licensed, OKX will be authorized to provide digital payment token services and conduct cross-border transfers within Singapore in accordance with MAS regulations.
Focus on Growth: OKX’s Singapore Strategy Revealed
OKX Chairman Hong Fang emphasized Singapore’s strategic importance in the exchange’s global expansion plans. Fang highlighted Singapore’s status as a hub for tech-savvy early adopters and praised Singapore’s clear and forward-looking regulatory framework, which creates an environment conducive to long-term business development.
According to Fang’s vision, OKX’s future efforts in Singapore will focus on diversifying its service portfolio while strengthening its spot product offering and building local banking connections to better serve customers.
OKX’s approval opens the door to expansion of payment services
The major payment institution license granted to OKX allows the exchange to facilitate a wide range of payment services beyond the transaction volume limits typically imposed on payment companies. This represents the potential for OKX to strengthen its market competitiveness and scalability by exceeding the prescribed trading volume limit of SG$3 million per month for individual payment services and SG$6 million per month for multi-services.
Expanding Singapore’s Cryptocurrency Environment
OKX joins a group of high-profile cryptocurrency companies that have received regulatory approval in Singapore. Notable among them are industry giants such as BitGo and Crypto.com, which received in-principle approval along with OKX. coinbaseand rippleFull payment institution license obtained.
Crypto.com has secured its MPI license in June 2023.Coinbase and Ripple will follow in October 2023, underscoring Singapore’s growing reputation as a favorable jurisdiction for cryptocurrency companies seeking regulatory compliance and market access.
The regulatory approval granted to OKX is not only a milestone for the exchange, but also a testament to Singapore’s progressive stance towards embracing innovation in the digital asset space. As OKX prepares to launch the next phase of its growth in Singapore, the broader cryptocurrency community awaits further developments in this dynamic regulatory environment.