OKX Secures In-Principle Approval for MPI License in Singapore

March 13, 2024

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Crypto exchange OKX has achieved a significant milestone in its global expansion strategy by gaining in-principle approval from Singapore’s financial watchdog for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.

In an official announcement, OKX revealed that it had received initial approval for the MPI license from the Monetary Authority of Singapore (MAS), the country’s primary financial regulatory body. Once the exchange obtains the full license from MAS, it will be authorized to offer digital payment token services and cross-border transfers within Singapore.

As reported earlier, Upbit Singapore announced its acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

OKX Expands Operations in Singapore

Hong Fang, President of OKX, emphasized the strategic importance of Singapore in the exchange’s global roadmap, citing the country’s appeal to entrepreneurs exploring new markets.

Fang noted that Singapore stands out as a market of early adopters with a tech-savvy population. He commended the country’s regulatory framework as “clear and thoughtful,” providing a conducive environment for businesses to thrive in the long term.

Establishing Local Connections

Fang outlined the company’s plans following this regulatory approval, stating that OKX will concentrate on its spot product offerings in Singapore.

🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Looking ahead, the executive expressed intentions to establish local banking connections for customers and expand the range of services provided in the country.

The MPI license enables companies to facilitate multiple payment services without being restricted by volume limitations imposed on payment firms.

OKX Expands Global Presence

OKX, with its newfound approval, could surpass the 3 million Singapore dollars (approximately $2.2 million) limit for any single payment service and the monthly cap of 6 million SG$ ($4.4 million) for two or more payment services.

This latest development follows OKX’s conditional license acquisition from Dubai’s Virtual Assets Regulatory Authority on January 16, allowing the exchange to offer regulated services for virtual asset service providers in the region.

Singapore Attracts Crypto Businesses

Notably, other players in the crypto industry, including BitGo, Crypto.com, Coinbase, and Ripple, have also made significant strides in the Singaporean market.

BitGo, a crypto custody business, received in-principle approval from MAS, aligning with the growing trend of established crypto firms expanding their presence in the region.

On the other hand, Circle has revealed a collaboration with Grab Singapore to expand its presence in the region. Further, Ripple Labs also confirmed getting an MPI license from the authorities in the city-state.