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OKX has received a comprehensive crypto license from the Monetary Authority of Singapore, allowing it to expand its offerings, including digital payment tokens and cross-border transfers. The exchange also named Gracie Lin, a former MAS official, as CEO of OKX Singapore.
OKX Gains Key Crypto License in Singapore
In order to enable cryptocurrency trading and international money transfers, OKX, a cryptocurrency exchange, obtained a complete license in Singapore. Concurrent with this announcement, the company's Singaporean affiliate, OKX Singapore, named a former regulator as CEO.
Cointelegraph reports that on September 2nd, the exchange made an announcement on the issuance of its Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license enables the exchange to provide digital payment tokens and services for cross-border money transfers.
Expanded Payment Limits Under New License
The new license allows OKX to surpass the volume constraints set by financial institutions. Businesses with the proper licenses can process more than three million Singaporean dollars ($2.2 million) in a single payment cycle. Additionally, for two or more payment services, the exchange will get the green light to go over the 6 million SGD ($4.4 million) monthly limit.
Not only did OKX Singapore announce the license, but it also named Gracie Lin, a veteran of multiple MAS roles, as CEO.
Singapore Integral to OKX’s Global Strategy
As a major center for digital assets, Lin said in a post that Singapore is crucial to the exchange's worldwide strategy. Lin penned:
"Obtaining the license is an important step in our journey, and we are more committed than ever to enabling access for our customers and contributing to the community and ecosystem."
Lin claims that the company will soon be able to provide digital payment tokens, international money transfer services, and spot cryptocurrency trading in Singapore thanks to the recently obtained MPI license.
Singapore Leads in Global Crypto Adoption
Singapore was found to have the highest rate of cryptocurrency adoption globally, according to research by the investment migration consultancy firm Henley & Partners. Based on criteria including infrastructure, legislation, economic aspects, tax friendliness, and adoption, the research ranked various jurisdictions.
Overall, Singapore had the best score, with 45.7 out of 60 points. Due to its favorable financial, business, and regulatory climate, the country is reportedly the world leader in cryptocurrency adoption. In terms of economic conditions and technology, the nation excelled.
The United Arab Emirates came in at number three, followed by China's Hong Kong special administrative area. When comparing tax friendliness, both nations came out on top.
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