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OKX Receives In-Principle Approval for Payment Institution License in Singapore

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OKX Receives In-Principle Approval for Payment Institution License in Singapore

OKX, a cryptocurrency exchange, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The approval was granted to its subsidiary, OKX SG. This license will allow OKX to offer digital payment token services and facilitate cross-border transfers in Singapore. The president of OKX, Hong Fang, emphasized that Singapore has always been a priority for the exchange due to its position as a hub for entrepreneurs and its clear regulatory framework. With the acquisition of the MPI license, OKX plans to focus on its spot product in Singapore and expand its offerings, including establishing local banking connections for customers.

The MPI license is significant because it allows licensed companies like OKX to facilitate multiple payment services without being limited by volume restrictions imposed on payment firms. This means that OKX can exceed the 3 million Singapore dollar limit for any payment service and the monthly limit of 6 million SG$ for two or more payment services. In essence, it provides more flexibility for OKX to grow its operations and offer a wider range of services in Singapore.

This approval follows OKX’s conditional license from Dubai’s Virtual Assets Regulatory Authority, which allows the company to provide regulated services for virtual asset service providers in the region. OKX is not the only cryptocurrency organization to receive approval from MAS. BitGo, a crypto custody business, also obtained in-principle approval and aims to complete the remaining requirements set by the regulator. Other prominent crypto companies, including, Coinbase, and Ripple, have already obtained full payment institution licenses in Singapore.

OKX’s acquisition of the MPI license underscores its commitment to expanding its presence in Singapore and capitalizing on the country’s supportive regulatory environment. With the license, OKX can offer a more comprehensive range of services to its users, positioning itself as a leading cryptocurrency exchange in the region. The approval from MAS signals the recognition and acceptance of cryptocurrencies in the Singaporean financial landscape and provides more opportunities for innovation and growth in the industry.

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