OKX Receives In-Principle Approval for MPI License from Monetary Authority of Singapore
OKX, a leading global crypto exchange and Web3 technology company, today announced that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI).
This important milestone allows OKX to provide digital payment token and cross-border money transfer services in Singapore under the Payment Services Act 2019 (PS Act) and sets the stage for the company to build an enhanced, locally tailored suite of products and services for its users.
OKX is currently available for users in Singapore via web or the iOS or Google Play apps.
OKX President Hong Fang said: “As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally. Singapore is a priority market and we’ve been investing here for some time. The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem. By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries.”
OKX Chief Legal Officer Mauricio Beugelmans said: “Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the Monetary Authority of Singapore’s world-leading framework, which aims to safeguard consumers by upholding market integrity and security. We look forward to serving users in Singapore while being a responsible and enthusiastic participant in the country’s growing crypto industry.”
In line with its dedication to transparency, OKX was among the first in the crypto industry to publish monthly Proof of Reserves to validate its full backing of user funds held on the platform. Using open-source verification tools, users can independently confirm that their assets are backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 16 consecutive monthly snapshots while driving the industry’s adoption of new and improved reporting standards.
