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.
OKX Secures In-Principle Approval for MPI License in Singapore
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 conditionallicense 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.
This article was written by Damian Chmiel at www.financemagnates.com.
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