A prominent crypto exchange, OKX, has received in-principle approval from Singapore’s financial regulator, MAS, for a Major Payment Institution (MPI) license via its local arm, OKX SG.
This approval allows OKX to offer digital payment token services and cross-border transfers in Singapore under the Payment Services Act 2019 (PS Act) upon obtaining the full license.
With this milestone, OKX aims to focus on its spot product in Singapore and plans to introduce local banking connections for customers, expanding its offerings.
OKX President Hong Fang said, “As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally. Singapore is a priority market and we’ve been investing here for some time.”
The MPI license permits OKX to facilitate multiple payment services beyond set volume limits. This development follows OKX’s recent conditional license from Dubai’s crypto regulator. BitGo, a crypto custody business, also received in-principle approval from MAS.
Previously, HashKey, Coinbase, Crypto.com, and Ripple obtained complete payment institution licenses in Singapore, showcasing the growing acceptance of cryptocurrencies in the region.
Also Read: HashKey OTC Secures Singapore Approval for MPI License
