OKX SG’s new CEO: Over 50 cryptocurrencies have been launched in Singapore, and the company is applying to the Monetary Authority of Singapore to launch more tokens

In a recent interview, OKX Singapore (OKX SG)’s newly appointed CEO Gracie Lin talked about the exchange’s process of obtaining a license from the Monetary Authority of Singapore (MAS) earlier this month, and the uniqueness of the Singapore market. Lin explained that obtaining a custodial bank account was one of the most important conditions that OKX needed to meet in order to transition from in-principle approval to full licensing. “The most important condition, and in some cases the most difficult condition, is that the bank must be satisfied with you: what you can bring, your plan, your controls, and meeting this requirement is an important step in obtaining a full license and completing the transition process.” In Singapore, OKX is reportedly able to use the government’s digital identity system Singpass to speed up the KYC process, which can take hours or days in other jurisdictions. For their part, Singaporean traders are often described as passive, and they tend to buy and hold their crypto assets rather than actively trade, Lin said. Lin explained that not every token can be used on this regulated platform as they must be pre-vetted by the MAS. She added: "We had to provide a legal opinion that the tokens were not securities, as well as the due diligence and risk assessment we submitted to MAS. Initially, we launched 21 tokens in the region. As of September 2, we have expanded it to more than 50 tokens and have submitted additional applications to MAS. Once approved, we will also list these tokens." She continued. (CoinDesk) Earlier in early September, OKX SG was awarded a large payment institution license in Singapore, and Gracie Lin became CEO.