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OKX SG Receives In-Principle Approval for MPI License in Singapore

OKX subsidiary in Singapore, OKX SG, gets in-principle approval for MPI license from MAS, aimed at providing tokenized digital payment services.

Jay Hicks

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OKX SG, OKX’s subsidiary based in Singapore, has obtained in-principle approval for an MPI (Major Payment Institution) license from MAS (Monetary Authority of Singapore). This achievement represents OKX’s determination to develop the Singaporean market and its intention to provide tokenized digital payment services in the region. OKX subsidiary in Singapore, OKX SG, gets in-principle approval for MPI license from MAS, aimed at providing tokenized digital payment services.

MAS Approval Marks Significant Step

The in-principle approval from MAS allows OKX SG to provide digital payment token services and cross-border transfers once it receives the full license. OKX President Hong Fang emphasized Singapore’s attractiveness for ventures into new markets, citing its tech-savvy and early adopter population alongside a clear and thoughtful regulatory framework.

Plans for Expansion and Compliance

With the MPI license, OKX intends to focus on its spot product in Singapore initially, with plans to incorporate local banking connections and broaden its offerings. Notably, MPI-licensed entities like OKX SG can facilitate multiple payment services beyond prescribed volume limitations, allowing flexibility in service provision. This aligns with OKX’s responsibility to expand its ongoing efforts to meet regulatory standards across jurisdictions.

Also Read: OKX Suspends Mining Pool Operations After Successful Five-Year Run

The in-principle approval follows OKX’s recent step in regulatory compliance, including a conditional license from Dubai’s crypto regulator. Furthermore, other players in the crypto space, such as BitGo, have also received a similar signal from MAS, highlighting Singapore’s growth in the cryptocurrency landscape. As OKX edges closer to securing its full MPI license, it reaffirms its position as a responsible contributor to the evolving crypto ecosystem in Singapore and beyond.

In conclusion, OKX SG’s in-principle approval for a Major Payment Institution license from MAS signals its advancement towards providing digital payment token services in Singapore. This development emphasizes OKX’s responsibility to regulate its strategic expansion efforts in markets worldwide.

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