OKX Secures Singapore Licence as Former MAS Official Takes Regional CEO Role

OKX, a prominent cryptocurrency exchange, has achieved a significant milestone by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This licence, which allows businesses to operate without daily or monthly transaction limits, was awarded to OKX’s Singaporean entity, OKX SG, and is a notable development in the cryptocurrency sector.

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MPI Licence in Singapore: Key Requirements and OKX SG's Recent Approval

The MPI licence is a coveted certification in Singapore’s financial landscape. To qualify, firms must be registered in Singapore, maintain a permanent business location with adequate record-keeping, possess a minimum capital base of $250,000, and have at least one Singaporean resident or citizen as a director. Several major crypto firms, including Coinbase, BitGo, and Ripple, have also secured MPI licences in Singapore.

OKX SG received in-principle approval for the MPI licence from MAS in February 2024, and this full licensing comes after approximately seven months.

Gracie Lin Appointed CEO of OKX SG: A Strategic Move to Strengthen Local Presence

Gracie Lin, a former MAS official, has been appointed as the CEO of OKX SG. Lin's previous roles include positions at MAS, sovereign wealth fund GIC, and ride-hailing company Grab. Her appointment is seen as a strategic move to bolster OKX’s presence in Singapore.

Lin highlighted Singapore's role as a global hub for digital assets, emphasizing the importance of the MPI licence as a key milestone for OKX. She stated that the licence aligns with OKX’s broader strategy to contribute to the local community and ecosystem.

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OKX views Singapore as a core market for its global development strategy. The country’s leadership in crypto adoption, as indicated by a recent study from Henley & Partners, reflects its favourable financial, business, and regulatory environment. Singapore’s strong performance in economic and technological factors underpins its significant role in the cryptocurrency sector.

OKX aims to leverage its new licence and leadership to develop crypto products and services tailored to Singaporean investors, further solidifying its position in the market.