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Crypto exchange OKX has obtained in-principle approval from Singapore's financial regulator for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.
Approval from the Monetary Authority of Singapore
In an official announcement provided to Cointelegraph, OKX confirmed the receipt of in-principle approval for the MPI license. The MPI license is issued by the Monetary Authority of Singapore (MAS), the country's primary financial regulatory body. Upon receiving the full license from MAS, OKX will be authorized to offer digital payment token services and conduct cross-border transfers within Singapore.
Hong Fang, President of OKX, emphasized the significance of Singapore in the exchange's global strategy, stating that it has always been a priority market. Fang noted that Singapore attracts entrepreneurs who are exploring new markets, with a population of early adopters who are well-versed in technology. Additionally, Fang praised Singapore's regulatory framework as clear and thoughtful, enabling businesses to develop robust long-term strategies.
Fang also outlined OKX's plans following this milestone, highlighting a focus on the exchange's spot product offerings in Singapore. The company intends to establish local banking connections for its customers and broaden its range of services.
Expansion of Payment Services
Companies holding MPI licenses can offer various payment services, surpassing the volume limitations imposed on payment firms.
According to Coin Telegraph, this means OKX could exceed the prescribed limits of 3 million Singapore dollars (approximately $2.2 million) for any single payment service and a monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
The in-principle approval for the license follows OKX's acquisition of a conditional permit from Dubai's crypto regulatory authority. On January 16, Dubai's Virtual Assets Regulatory Authority granted OKX a license authorizing regulated services for virtual asset service providers in the region.
Based on a Reuters report, OKX has also received regulatory approval in Dubai, enabling it to provide cryptocurrency services to retail customers.
In addition to OKX, BitGo, a crypto custody business, has also received in-principle approval from MAS. BitGo announced on January 10 that it had obtained initial approval, subject to fulfilling further requirements stipulated by the regulator.
Several other crypto entities, including Crypto.com, Coinbase, and Ripple, have secured complete payment institution licenses in Singapore. Crypto.com obtained its MPI license in June 2023, while Coinbase and Ripple received formal approvals in October 2023.
Photo: Max Oh/Unsplash
