Singapore Grants OKX In-Principle Approval for Payment Institution License

OKX, a cryptocurrency exchange, has received initial approval from Singapore’s financial regulatory authority for a Major Payment Institution (MPI) license. This license, issued by the Monetary Authority of Singapore (MAS), will allow OKX to offer digital payment token services and cross-border transfers in the country. The president of OKX, Hong Fang, stated that Singapore is a priority for the exchange due to its status as a market of early adopters who are well-versed in technology. Fang also praised Singapore’s clear and thoughtful regulatory framework, which allows businesses to build for the long-term. With the MPI license, OKX plans to focus on its spot product in Singapore and expand its offerings by establishing local banking connections for its customers. The MPI license will also enable OKX to facilitate multiple payment services exceeding the volume limitations set for payment firms. OKX recently obtained a conditional license from Dubai’s crypto regulator, and other crypto organizations such as BitGo, Crypto.com, Coinbase, and Ripple have also obtained payment institution licenses in Singapore.