The 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 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 to
receive such authorization.
Growing Presence in the
Crypto Landscape
The
in-principle license approval follows OKX’s recent acquisition of a conditional
license from Dubai’s Virtual Assets Regulatory Authority, allowing the company
to offer regulated services for virtual asset service providers in the region.
In the meantime,
the crypto exchange achieved compliance with the newest regulation in the
United Kingdom that went into effect on 8 January 2024. All new and existing UK
OKX customers must complete two questionnaires: an appropriateness assessment
and client categorization.
In
Singapore, OKX joins other crypto organizations, such as Crypto.com, Coinbase,
and Ripple, which have obtained complete payment institution licenses. Additionally, BitGo, a
crypto custody business, has received an in-principle approval from MAS,
subject to completing further requirements set by the regulator.
The 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 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 to
receive such authorization.
Growing Presence in the
Crypto Landscape
The
in-principle license approval follows OKX’s recent acquisition of a conditional
license from Dubai’s Virtual Assets Regulatory Authority, allowing the company
to offer regulated services for virtual asset service providers in the region.
In the meantime,
the crypto exchange achieved compliance with the newest regulation in the
United Kingdom that went into effect on 8 January 2024. All new and existing UK
OKX customers must complete two questionnaires: an appropriateness assessment
and client categorization.
In
Singapore, OKX joins other crypto organizations, such as Crypto.com, Coinbase,
and Ripple, which have obtained complete payment institution licenses. Additionally, BitGo, a
crypto custody business, has received an in-principle approval from MAS,
subject to completing further requirements set by the regulator.
