[NEWS] Cryptocurrency exchange OKX obtains MPI license in Singapore

OKX, a major cryptocurrency exchange, announced on the 13th that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for an MPI (Major Payment Institution) license. This will allow OKX to offer digital payment tokens and cross-border remittance services in Singapore.

This follows OKX's previous conditional license in Dubai.

According to the announcement on the 13th, OKX will focus on physical products tailored to the Singapore market and also work to connect local banks and users.

Hong Fang, president of OKX, said, "Singapore is a top priority market as part of OKX's global strategy, and we have been investing in Singapore for some time." Regulatory compliance is core to the exchange's strategy, and OKX is committed to a transparent relationship with MAS.

He further commented, "The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity to be a responsible contributor to Singapore's cryptocurrency ecosystem." He said that Singapore is a place where regulation and innovation go hand in hand, and added, "Our goal is to improve transparency and access to customers through innovation. We look forward to becoming a long-term influential company by combining our global resources with local knowledge and expertise."

Last year, Coinbase and Ripple also obtained licenses

In recent years, the number of Web 3.0 companies entering Singapore has been on the rise. Last year, US cryptocurrency exchange Coinbase and US Ripple obtained MPI licenses, just like OKX.

Currently, Web 3.0-related trends, including cryptocurrency payments, are becoming more active in Southeast Asia, and there is a growing movement to designate Singapore as an important market. Singapore is also making progress in developing regulations, and it is expected that many Web 3.0 companies will continue to enter the market.

Reference: Announcement
Image: Shutterstock

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