Crypto exchange OKX has just leveled up in Singapore.
In the latest crypto news, OKX has achieved a significant milestone by securing a full license in Singapore. This positions the company to facilitate crypto trading and cross-border transfers. Alongside this achievement, the company also appointed a former regulator as the CEO of its Singapore branch.
On September 2, OKX announced that the Monetary Authority of Singapore (MAS) granted it a Major Payment Institution (MPI) license. This license enables OKX to offer cross-border money transfer services and digital payment tokens, expanding its operational capabilities.
With the MPI license, OKX can now exceed the volume limitations imposed on payment institutions in Singapore. The company is authorized to surpass the 3 million Singaporean dollars (approximately $2.2 million) volume limit for a single payment service, as well as the 6 million Singaporean dollars ($4.4 million) monthly limit for multiple payment services.
In a strategic move, OKX Singapore also welcomed Gracie Lin, a former MAS official, as its new CEO. Lin emphasized Singapore’s role as a crucial digital asset hub in the exchange’s global strategy.
She highlighted that obtaining the MPI license is a vital step forward, allowing the company to offer enhanced services such as digital payment tokens and cross-border money transfers, including spot trading of cryptocurrencies.
Singapore’s prominence in the global crypto landscape was recently underscored by a study from Henley & Partners, which ranked Singapore as the top country for crypto adoption worldwide.
The study assessed various jurisdictions based on adoption rates, infrastructure, regulations, economic factors, and tax policies. Singapore emerged as the leader with a score of 45.7 out of 60, thanks to its robust financial, business, and regulatory environment, particularly excelling in economic and technological factors. Hong Kong and the United Arab Emirates followed closely behind, noted for their tax-friendly environments.
