Crypto
exchange OKX has received in-principle approval from the Monetary Authority of
Singapore (MAS) for a Major Payment Institution (MPI) license through its local
subsidiary, OKX SG. This new authorization allows OKX to provide digital
payment token services and cross-border transfers in Singapore, pending the
full license from MAS.
With the
in-principle approval, OKX plans to focus on its spot product in Singapore and
work on establishing local banking connections for its customers.
As an
MPI-licensed company, OKX will be able to facilitate multiple payment services
exceeding the volume limitations set for payment firms, potentially surpassing
the 3 million Singapore dollars (about $2.2 million) limit for any payment
service and the monthly limit of 6 million SG$ ($4.4 million) for two or more
payment services.
“Singapore
has always been a priority country for us as part of our global strategy,”
said Hong Fang, the president of OKX. “As a regional financial and
technology hub, Singapore attracts forward thinkers, entrepreneurs, and
innovators who are open to venturing into the new. It’s a market of early
adopters who are well-versed in technology.”
We’re proud to announce OKX SG has received in-principle approval for an MPI License from the MAS 🇸🇬
Our President @hfangca explains how this highlights our commitment to and investment in the Singapore crypto ecosystem 👉 https://t.co/37N9uUmm7x pic.twitter.com/MzQA3nMIM1
— OKX (@okx) March 13, 2024
Fang also
praised Singapore’s regulatory framework as “clear and thoughtful,”
enabling businesses to build for the long-term.
It is
another license granted by MAS in recent weeks. As Finance Magnates
reported on last Wednesday, Bitstamp, has secured the same in-principle
regulatory approval as OKX and became the first European crypto exchange
