Key Takeaways:
- Cryptocurrency exchange OKX has obtained principle approval for a Major Payment Institution license from MAS
- OKX emphasizes Singapore as a top market amid its global expansion efforts.
Cryptocurrency exchange OKX announced that it has received in-principle approval for a digital asset license from Singapore’s central bank, marking a significant milestone towards achieving full regulatory compliance in the country.
The Monetary Authority of Singapore (MAS) has granted OKX the MPI license, which permits the exchange to facilitate multiple payment services beyond set volume limits.
In-principle approval typically indicates that financial institutions are conditionally selected to fulfill specific obligations within a set timeframe.
OKX Chairman Hong Fang highlighted Singapore as a priority market for the exchange and expressed enthusiasm about responsibly contributing to the cryptocurrency world.
The principle approval signifies a crucial step forward in OKX’s mission to offer digital payment token services in Singapore, demonstrating the exchange’s readiness to comply with regulatory standards and compliance requirements set by MAS.
This approval aligns with OKX’s strategic goals to expand its presence and services in key global markets, positioning the exchange for sustainable growth and expansion.
OKX president Hong Fang emphasized that Singapore has always been a priority market for the exchange in its global strategy.
Fang described Singapore as a market of early adopters who are well-versed in technology, with a clear and thoughtful regulatory framework that allows businesses to build better for the long-term.
With this new milestone, OKX will focus on its spot product in Singapore, with plans to bring local banking connections to its customers and expand its offerings in the future.
This development comes as positive news for OKX, especially in light of recent reports of investigations by South Korea’s Financial Intelligence Unit (FIU) regarding allegations that the company operated as an unauthorized crypto exchange.
Singapore’s financial regulatory authority MAS has granted full licenses to several crypto service providers, including industry giants like Blockchain.com, Circle, Coinbase, and Ripple.
This regulatory recognition enhances the legitimacy and reliability of these organizations, establishing trust among investors and users in the cryptocurrency world.
