OKX, a global crypto spot and derivatives exchange, secured a full license in Singapore on 2 September 2024. Simultaneously, the company announced the appointment of Gracie Lin, a former official of the Monetary Authority of Singapore (MAS), as the CEO of its Singapore division.
OKX revealed that the MAS had granted it a Major Payment Institution (MPI) license, allowing the exchange to provide a range of financial services. The company’s services will include cross-border money transfers and digital payment tokens, lifting previous volume restrictions.
With the MPI license, OKX can now exceed the standard volume limitations. The license allows it to process payments beyond the 3 million Singaporean dollars (approximately $2.2 million) cap for a single service and the 6 million SG$ ($4.4 million) limit for multiple services.
We're taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬
We've received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.
To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024
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OKX Appoints Former Regulator As CEO
OKX’s appointment of Lin as CEO could also help the exchange in navigating Singapore’s regulatory landscape.
Lin brings extensive experience from her tenure at MAS, the central bank and financial regulatory authority of Singapore.
In a statement, Lin highlighted the significance of the MPI license in advancing OKX’s ability to provide accessible financial services. “Securing this license marks a crucial step in our journey. We are more committed than ever to enabling access for our customers and contributing to the community and ecosystem,” Lin said.
In a recent study, Henley & Partners ranked Singapore as the top jurisdiction globally for cryptocurrency adoption. The study assessed various factors, including adoption rates, infrastructure, regulatory environment, and economic conditions, with Singapore scoring 45.7 out of 60 points.
The nation’s robust financial and regulatory framework has made it a preferred destination for crypto-related businesses, outpacing competitors like Hong Kong and the UAE.
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Singaporean Investors Embrace Cryptocurrency
A significant number of financially savvy individuals in Singapore have embraced cryptocurrency and view it as the future of finance, according to a recent report by Seedly and Coinbase.
The study, conducted in the fourth quarter of 2023, involving over 2,000 adults, revealed that 57% of respondents currently hold digital assets.
The majority of those surveyed stated that they have invested amounts ranging from US$1,000 to $25,000 in cryptocurrencies.
Singapore has been actively trying to become a global crypto hub. Just recently, the Monetary Authority of Singapore (MAS) provided Paxos regulatory approval to issue stablecoins.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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