TLDR:
- OKX Singapore receives Major Payment Institution (MPI) license from MAS
- Gracie Lin, former MAS official, appointed as CEO of OKX Singapore
- License allows for digital payment token and cross-border money transfer services
- OKX aims to contribute to Singapore’s digital asset industry development
- Singapore ranks first globally in crypto adoption index
OKX, a leading global cryptocurrency exchange, has taken a significant step in expanding its presence in Singapore. The company’s local entity, OKX Singapore, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
We’re taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬
We’ve received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.
To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024
The MPI license, which follows an in-principle approval received in February, allows OKX Singapore to offer a range of services to local customers.
These include digital payment token services, cross-border money transfers, and spot trading of cryptocurrencies.
The license also enables OKX to exceed volume limitations typically imposed on payment institutions, allowing for transactions surpassing 3 million Singaporean dollars (approximately $2.2 million) for a single payment service and 6 million Singaporean dollars (about $4.4 million) monthly for multiple payment services.
Coinciding with the license approval, OKX Singapore announced the appointment of Gracie Lin as its new Chief Executive Officer.
Lin brings a wealth of experience to the role, having previously held positions at the Monetary Authority of Singapore, sovereign wealth fund GIC, and most recently as managing director of Grab’s regional strategy and economics team.
In her new role, Lin will oversee OKX Singapore’s strategic initiatives, including the development of digital payment token products and services tailored to the local market.
Lin expressed enthusiasm about the company’s future in Singapore, stating,
“Singapore is a world-class digital asset hub and an important market for OKX. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers, and contributing to the community and ecosystem.”
OKX’s expansion in Singapore aligns with the country’s growing prominence in the cryptocurrency landscape.
A recent study by Henley & Partners ranked Singapore first globally in terms of crypto adoption, citing its strong financial, business, and regulatory environment. The country scored particularly high in economic factors and technology readiness.
The crypto exchange’s move into Singapore also represents a challenge to industry leader Binance. While Binance processed $448 billion in crypto transactions in August 2024, OKX handled over $67 billion, solidifying its position as a major player in the global cryptocurrency market.
OKX has outlined plans to play a significant role in promoting responsible innovation within Singapore’s digital asset industry.
The company aims to collaborate with regulators, industry partners, and the community to establish best practices, build robust infrastructure, and foster talent and knowledge in the sector.
To further enhance its services for Singaporean users, OKX is streamlining connections to local banks, facilitating easier deposits and withdrawals. This move is expected to improve accessibility and user experience for local customers.
As of September 2, 2024, OKX joins a select group of licensed crypto exchanges in Singapore, including Independent Reserve and Coinhako.
