TLDR:
OKX Singapore has proudly attained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Gracie Lin, who once served at MAS, now takes the helm as CEO of OKX Singapore, bringing her extensive expertise to the position.
The license confers upon OKX the ability to conduct digital payment token services and facilitate international money transfers.
With the new license in hand, OKX is poised to bolster Singapore's digital asset landscape and drive innovation within the industry.
Singapore holds the coveted top spot on the global crypto adoption index.
OKX, recognized as a global powerhouse in the crypto exchange arena, has made a strategic leap forward in Singapore. The regional branch, OKX Singapore, proudly boasts a Major Payment Institution (MPI) license granted by MAS.
We're actively bringing cryptocurrencies to the core of the financial world, and Singapore is at the forefront of this mainstream integration.
Having obtained the Major Payment Institution (MPI) License from MAS, we're empowered to offer digital payment tokens alongside cross-border financial services.
To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024
Following a previously secured in-principle approval in February, the MPI license unlocks an array of services OKX Singapore can extend to local audiences.
This includes services like digital payment token exchanges, cross-border transfers, and facilitating spot trading of various cryptocurrencies.
The license lifts standard transaction volume caps, allowing OKX to process transactions exceeding 3 million Singaporean dollars for individual services and reach 6 million Singaporean dollars across multiple services monthly.
Alongside the granting of this license, OKX Singapore revealed Gracie Lin as their newly appointed Chief Executive Officer.
Lin arrives with a wealth of experience, having held key positions at the Monetary Authority of Singapore, the sovereign wealth fund GIC, and recently served as managing director in Grab's regional strategy and economics team.
Tasked with leading OKX Singapore's future initiatives, Lin will be directing focus towards designing and offering digital payment token services that meet local market needs.
Lin expressed her excitement for OKX's role in Singapore, highlighting the nation as a leading hub for digital assets and acknowledging the MPI license as a pivotal progression in broadening customer access to digital assets and enriching the local ecosystem.
OKX's growth trajectory in Singapore is in lockstep with the nation's emerging stature as a key player in the cryptocurrency sphere.
A study from Henley & Partners places Singapore at the pinnacle of crypto adoption worldwide, citing its robust financial regulations, business environment, and readiness in technology.
As OKX strategically penetrates into Singapore, it looks to pose a challenge to leading contenders like Binance, who processed a staggering $448 billion in crypto trades in August 2024, while OKX boasted over $67 billion, underscoring its formidable presence in the global crypto market.
OKX dreams big with plans to advance responsible innovation within Singapore's digital asset sector, advocating for collaborative efforts with regulatory bodies, industry allies, and the broader community.
The company is on a mission to cultivate partnerships, build robust infrastructures, and nurture talent and expertise in the cryptosphere.
In a bid to better serve its Singaporean clientele, OKX is solidifying ties with local banking institutions to simplify deposit and withdrawal processes, enhancing both the accessibility and user journey for its users.
As of the start of September 2024, OKX joins an elite cadre of licensed crypto platforms in Singapore, standing alongside names like Independent Reserve and Coinhako.
The Editor-in-Chief of Blockonomi and founder of the UK-based Kooc Media, deeply committed to open-source, blockchain advancement, and an equitable Internet for all.
