Singapore prepares to roll out the welcome mat for OKX

GLOBAL crypto exchange OKX has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI) for its OKX SG Pte Ltd subsiduary.

The milestone allows OKX to provide digital payment token and cross-border money transfer services in Singapore under the Payment Services Act 2019 (PS Act), and sets the stage for the company to build a locally-tailored suite of products and services.

OKX is currently available for users in Singapore via web or the iOS or Google Play apps.

“As we build technology globally to empower the future, we're continually humbled by opportunities to build locally," said OKX President Hong Fang.

"Singapore is a priority market and we've been investing here for some time. The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem.

"By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries.”

OKX Chief Legal Officer Mauricio Beugelmans said he looked forward to being a participant in the country's growing crypto industry.

"Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the Monetary Authority of Singapore's world-leading framework, which aims to safeguard consumers by upholding market integrity and security," he said.

"We look forward to serving users in Singapore while being a responsible and enthusiastic participant in the country's growing crypto industry.”