In addition to its Major Payment Institution (MPI) license for OKX SG, OKX is expanding its services in Singapore by streamlining the connection to local banks for convenient deposits and withdrawals.
The Monetary Authority of Singapore (MAS) has approved a Major Payment Institution (MPI) license for OKX SG, the Singapore branch of the global cryptocurrency exchange OKX. This approval is a significant step forward for Singapore’s growing digital asset sector and shows OKX’s strong focus on the region.
With the MPI license, OKX SG can now offer more services to Singaporean investors, such as spot crypto trading, digital payment token services, and international money transfers. This regulatory nod highlights OKX’s effort to stay compliant and cements Singapore’s status as a leading center for financial innovation.
In March, Hong Fang, President of OKX, emphasized Singapore’s importance as a key market when the exchange received its initial MPI license approval. Now, with the full license in hand, OKX’s commitment to the region is even stronger.
OKX Strengthens Singapore Presence with MAS Veteran
OKX has strengthened its commitment to Singapore by appointing Gracie Lin, a former official of the Monetary Authority of Singapore, as CEO of OKX SG. Lin’s experience from MAS, GIC, and Grab will guide the development of crypto products that are suitable for Singapore’s market.
OKX’s plans in Singapore go beyond offering products. The exchange aims to play a significant role in promoting responsible innovation within the local digital asset industry. To achieve this, OKX plans to collaborate with regulators, industry partners, and the community to establish best practices, build strong infrastructure, and cultivate talent and knowledge.
“Our long-term ambitions in Singapore go beyond products. The goal is to be a key contributor to the development of the local digital asset industry by working closely with regulators, partners, the broader community and customers to drive responsible innovation,” OKX stated.
OKX Challenges Binance’s Dominance
OKX’s bid for a full license in Singapore marks a key moment of growth for the exchange. By August 2024, OKX handled over $67 billion in crypto transactions, confirming its place as a top global cryptocurrency exchange. This performance stands strong against Binance, which processed $448 billion that month.
Moreover, OKX is enhancing its services for Singaporean users, simplifying the connection to local bank accounts for easy deposits and withdrawals.
OKX’s strategic effort allows the company to tap into the country’s growing digital asset market, promoting innovation while supporting its long-term growth. Singapore, in return, gains by hosting a compliant and trustworthy global crypto exchange, making the country a digital finance hub.
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