OKX has achieved a significant milestone by obtaining a full license in Singapore, which enables the crypto exchange to facilitate cryptocurrency trading and cross-border transfers within the country. In conjunction with this development, OKX Singapore has appointed Gracie Lin, a former official of the Monetary Authority of Singapore (MAS), as its new CEO.
On September 2, the Monetary Authority of Singapore granted OKX the Major Payment Institution (MPI) license. This license permits the company to offer cross-border money transfer services and digital payment tokens, exceeding previous volume restrictions for payment services. Specifically, OKX can now surpass the 3 million Singaporean dollars ($2.2 million) limit on payment services and the 6 million SG$ ($4.4 million) monthly cap for multiple payment services.
Gracie Lin emphasized the importance of this achievement, stating that Singapore plays a crucial role in OKX’s global strategy as a key digital asset hub. The newly acquired MPI license will allow OKX to expand its offerings, including digital payment tokens and spot trading of cryptocurrencies, further solidifying its presence in Singapore.
Singapore has recently been recognized as a global leader in cryptocurrency adoption. A study ranked the country first in terms of adoption, infrastructure, regulations, economic factors, and tax friendliness, highlighting its strong financial and technological environment. This favorable landscape positions Singapore as a prime destination for digital assets.
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