OKX secures in-principle approval for a Major Payment Institution License in Singapore, paving the way for expanded services in Singapore.
The financial authority of Singapore has granted OKX, a cryptocurrency exchange, in-principle approval for a Major Payment Institution (MPI) license via its local subsidiary, OKX SG.
OKX claimed to have obtained preliminary approval for the license in a statement that was forwarded to Cointelegraph. The principal financial regulator of Singapore grants the MPI license to the Monetary Authority of Singapore (MAS).
Upon obtaining the complete license from MAS, OKX will be authorized to offer cross-border remittances and digital payment token services within the nation.
Hong Fang, president of the OKX, stated that Singapore had consistently been a focal point of the exchange’s international strategy. The executive elaborated that Singapore serves as an incentive for enterprises to explore untapped markets.
Early adopters who are well-versed in technology comprise this market. Additionally, the country’s regulatory framework is “It’s a market of early adopters who are well-versed in technology.” according to Fang, which enables companies to “build better for the long-term.”
Fang further elaborated that the organization would concentrate on its spot product in Singapore in light of the new milestone. The executive stated that OKX will proceed with expanding its offerings and establishing local banking connections for its consumers in the future.
Organizations that hold MPI licenses are authorized to process multiple payment services in excess of the volume restrictions imposed on payment firms.
This indicates that OKX may surpass the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services and the 3 million Singapore dollars (approximately $2.2 million) limit for any payment service.
The in-principle license approval follows Dubai’s cryptocurrency regulator’s issuance of a conditional license to OKX. OKX was granted a license by the Virtual Assets Regulatory Authority of Dubai on January 16, enabling the organization to provide regulated services to other virtual asset service providers in the area.
BitGo, a crypto custody company, was granted in-principle approval by MAS in addition to OKX. BitGo announced on January 10 that it, too, had been granted the preliminary approval, contingent upon fulfilling additional stipulations established by the regulatory body.
Additional cryptocurrency-related entities, such as Ripple, Coinbase, and Crypto.com, have successfully acquired comprehensive payment institution licenses in Singapore.
Crypto.com obtained its MPI license in June 2023 after satisfying the stipulations established by the regulatory body. Ripple was granted formal sanction on October 4, 2023, whereas Coinbase obtained the license on October 2, 2023.
