OKX Lands Provisional Approval for Major Payment Institution License in Singapore
Summary:
Singapore's Monetary Authority has provisionally approved cryptocurrency exchange OKX for a Major Payment Institution license through its local subsidiary, OKX SG. This will allow the company to offer digital token payment and international transfer services once the license is fully obtained. The move reinforces OKX's focus on servicing the technologically advanced market in Singapore. This news follows OKX's recent conditional license procurement from Dubai's digital asset regulator that enables the company to offer regulated services. Other cryptocurrency firms like Crypto.com, Coinbase, and Ripple have already secured full payment institution licenses in Singapore.
Singapore's Monetary Authority (MAS) has provisionally sanctioned cryptocurrency exchange, OKX, for a Major Payment Institution (MPI) license via its Singapore-based division, OKX SG. According to communication shared with Cointelegraph, OKX confirmed the preliminary approval of its license. Granted by the nation's leading finance regulator, the license would authorize OKX to offer digital token payment and international transfer services upon its full acquisition. OKX's president, Hong Fang, noted that Singapore was always at the core of the exchange's global outreach plans. He highlighted Singapore's appeal to new market-venturing entrepreneurs, labeling it a technologically advanced early-adopter market. Fang praised the nation's regulatory framework for its clarity and foresight, stating it enabled businesses to build sustainably. He added the recent progress means OKX's Singaporean ambitions would now focus on its spot product. Fang stated OKX plans to facilitate local bank connections for its clientele and expand its product range. MPI licensed organizations are entitled to facilitate multiple payment facilities exceeding payment firm volume limitations. This means OKX can surpass the current set limit for a single payment service envisaged at 3 million Singapore dollars ($2.2 million) and the monthly 6 million SG dollar ($4.4 million) cap for multiple payment services. This provisional approval follows on the heels of a conditional license awarded to OKX by Dubai's virtual asset regulatory authority on Jan.16. This license allows OKX to provide regulated services to virtual asset service providers in the region. Crypto asset handling service BitGo also reportedly received in-principle approval from the MAS on Jan. 10, pending further regulator-set requirements. Other crypto organizations like Crypto.com, Coinbase, and Ripple have already secured their complete payment institution licenses in Singapore. Crypto.com received its MPI license in June 2023, whereas Coinbase and Ripple accomplished theirs on Oct. 2 and Oct. 4 of 2023, respectively.
Published At
3/13/2024 5:00:00 AM
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