OKX Secures Provisional Approval for Payment Institution License in Singapore

Crypto News- Cryptocurrency exchange OKX is celebrating a significant milestone as it secures in-principle approval from Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) license via its local subsidiary, OKX SG.

This green light from MAS allows OKX to advance its mission in the Southeast Asian financial hub, gearing up to offer digital payment token services and facilitate cross-border transfers upon receiving the full MPI license. OKX President Hong Fang expressed enthusiasm for Singapore as a strategic market, praising its tech-savvy early adopters and transparent regulatory landscape.

OKX Secures Provisional Approval for Payment Institution License in Singapore

With this pivotal approval, OKX is set to prioritize its spot product offerings in Singapore, with plans to enhance customer experiences by integrating local banking connections and expanding its service portfolio. The MPI license grants OKX the flexibility to exceed payment volume limitations, empowering the exchange to scale its operations effectively.

OKX’s achievement follows in the footsteps of other industry players like Crypto.com, Coinbase, and Ripple, who have successfully obtained complete payment institution licenses in Singapore. This regulatory milestone underscores Singapore’s growing prominence as a crypto-friendly jurisdiction and signals a promising future for OKX’s expansion efforts in the region.