OKX was able to get a full license from the Monetary Authority of Singapore (MAS), which puts the company in a good situation to offer more services in the area. This new license, called the Major Payment Institution (MPI) license, lets OKX offer digital payment tokens and cross-border money transfer services without the number limits that were in place before. This means that the exchange can now handle bigger deals. It can now handle more than 3 million Singapore dollars (about $2.2 million) for a single payment service and 6 million Singapore dollars (about $4.4 million) per month for multiple services.
We're taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬
— OKX (@okx) September 2, 2024
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
OkayX Singapore not only got the license, but they also made a big leadership change by hiring Gracie Lin as their new CEO. Lin, who has worked at MAS and has a lot of experience with financial regulation, will be in charge of OKX’s strategic projects in the area. She said that Singapore is an important market for the business because it is a major world hub for digital assets. Lin said she wanted to make it easier for people to get digital assets and help the local crypto community.
This move is part of OKX’s larger plan to improve its position in Singapore, a country known for being open to adopting cryptocurrencies slowly. A new study says that Singapore is the most crypto-friendly country in the world. This is mostly because it has good regulations and a strong economy.
With this license, OKX wants to not only compete, but also lead the way in the fast-changing world of digital assets in Singapore and beyond.
