Global cryptocurrency exchange OKX has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), enabling it to provide digital payment token and cross-border payment services.
This approval marks a significant step in OKX's strategy to strengthen its foothold in the Asia-Pacific region.
The license, granted under Singapore's Payment Services Act 2019, allows OKX's Singapore entity, OKX SG Pte. Ltd., to engage in various digital asset services, including the buying and selling of cryptocurrencies.
With the license in hand, OKX SG is now positioned to expand its service offerings in the local market and increase its presence in Singapore's digital asset ecosystem.
Gracie Lin, who was recently appointed as the CEO of OKX SG, will be leading these initiatives.
Lin has a notable background, having previously worked at Grab, as well as holding roles at the Monetary Authority of Singapore and GIC.
She will focus on crafting strategies that align with the specific needs of the Singaporean market and reinforcing OKX’s regional ambitions.
Reflecting on the achievement, Lin stated that obtaining the MPI license underlines OKX's commitment to its growth strategy in Singapore, which she described as a "world-class digital asset hub."
She emphasised the company’s dedication to enhancing access to digital assets for its customers in Singapore and contributing to the local community and broader digital asset ecosystem.
The MPI license approval follows OKX SG’s in-principle approval received in February 2024, which set the stage for the company to expand its team and enhance its service offerings.
OKX's focus on the Singaporean market reflects its broader aim of establishing a strong presence in key digital asset markets worldwide.