Singapore Regulators Nod to OKX: Payment License Approval Marks Major Milestone

Crypto exchange OKX has obtained preliminary approval for a Major Payment Institution (MPI) license from Singapore's financial regulator, the Monetary Authority of Singapore (MAS), through its local subsidiary, OKX SG.

OKX Expands in Singapore

OKX president Hong Fang highlighted Singapore's significance in the exchange's global strategy, citing its appeal to entrepreneurs and early adopters of technology. Fang praised Singapore's regulatory framework as clear and thoughtful, conducive for long-term business development.

OKX is focusing on supplying spot products in Singapore

With the milestone approval, OKX intends to concentrate on its spot product offerings in Singapore. Additionally, the company plans to establish local banking connections for its customers and broaden its services.

Exceeding Transaction Volume Limitations

The MPI license allows OKX to surpass transaction volume restrictions imposed on payment firms in Singapore. Consequently, OKX can exceed the set limits of 3 million Singapore dollars for a single payment service and 6 million SG$ for multiple services monthly.

Companies like OKX, BitGo receive regulatory approval in Singapore

OKX's approval follows a trend in the crypto industry. BitGo, another crypto custody business, also received preliminary approval from MAS. Moreover, companies like Crypto.com, Coinbase, and Ripple have obtained complete payment institution licenses in Singapore, further emphasizing the industry's growth in the region.