OKX, a prominent cryptocurrency exchange, has obtained a full license in Singapore, enabling it to offer comprehensive crypto trading and cross-border transfer services. The announcement came on September 2, when the Monetary Authority of Singapore (MAS) granted OKX a major payment institution (MPI) license, allowing it to provide digital payment tokens and cross-border money transfer services.
This new MPI license removes previous volume limitations, allowing OKX to exceed the cap of 3 million Singaporean dollars ($2.2 million) for a single payment service and the 6 million SG$ ($4.4 million) limit for two or more services. The exchange aims to capitalize on this opportunity to expand its offerings in the competitive Singaporean market.
In a strategic move, OKX has also appointed Gracie Lin, a former official at the MAS, as the CEO of its Singapore arm. Lin expressed enthusiasm for Singapore’s role in OKX’s global strategy, highlighting the city-state’s status as a digital asset hub. She emphasized that obtaining the license marks a significant milestone for the company in its efforts to enhance customer access and contribute to the local crypto ecosystem.
Singapore is increasingly recognized as a leader in crypto adoption. According to a study by Henley & Partners, the city-state ranks first globally for crypto adoption, owing to its favorable financial, business, and regulatory environment. Singapore scored 45.7 out of 60 points, excelling in economic factors and technology. Following Singapore, Hong Kong and the United Arab Emirates also scored highly, particularly in tax friendliness.
OKX’s latest achievements underline its commitment to expanding its footprint in key markets while leveraging Singapore’s robust crypto landscape.