Global crypto exchange Okx has secured a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), allowing it to offer digital payment token services. Gracie Lin, the newly appointed CEO of Okx’s Singapore entity (Okx SG), highlighted the significance of this license and Singapore’s role in the company’s growth strategy. Okx SG aims to expand its local presence and contribute to the regional digital asset ecosystem under Lin’s leadership.
Okx Approved to Provide Cross-Border Payment Services in Singapore
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Okx Gains Singapore’s Major Payment Institution License, Appoints New CEO
Okx, a global cryptocurrency exchange and web3 technology company, announced that its Singaporean entity, Okx SG Pte. Ltd., has been awarded a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The company also appointed Gracie Lin as the new CEO of Okx SG.
Highlighted the significance of the license, Okx SG stated:
The license, granted under the Payment Services Act 2019 (PS Act), allows Okx SG to offer digital payment token and cross-border money transfer services, including spot (buy and sell) trading of cryptocurrencies for customers in Singapore.
With the in-principle approval received in February 2024, Okx SG explained that it is focused on building a team of experts to serve local customers, reinforcing its commitment to the region.
Lin, who previously worked at Grab and held roles at MAS and GIC, will lead strategic initiatives tailored to the Singaporean market. Reflecting on her new role, Lin emphasized the importance of Singapore in Okx’s growth strategy. She opined:
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,” she added.
What do you think about Okx SG’s new MPI license and its impact on the Singaporean digital asset market? Let us know in the comments section below.
