Cryptocurrency company OKX has officially received a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS) for its Singapore branch.
With this licence, OKX Singapore can engage in digital payment services, cross-border money transfers, and spot cryptocurrency trading for investors in Singapore.
This falls under the broader category of payment service provider licences under the Payment Services Act 2019.
With it, OKX can now legally conduct substantial payment activities in Singapore and joins the ranks of the few licensed crypto exchanges in Singapore. For context, OKX is one of the crypto sector’s largest global players.
This approval by MAS is a significant step forward for the nation’s growing digital asset sector and signals OKX’s strong focus here.
At the same time, the crypto exchange also announced the appointment of Gracie Lin as its new CEO in Singapore.
Tech In Asia reported that Gracie will be overseeing OKX Singapore’s strategic initiatives. This includes developing digital payment token products and services that meet the needs of local Singaporean customers.
Prior to joining OKX, Gracie was the Managing Director of Grab Singapore and had been in the company for close to six years. Her LinkedIn also states that she was with MAS for nearly a decade as the Deputy Director of its money markets department.
Safe to say, she’s qualified for this new role, backed by an illustrious career background.
The Straits Times also reported that following Gracie’s accession as CEO, the crypto company is looking to have more tokens. They’re in the midst of seeking the central bank’s approval to list more than 50 tokens that are currently available for trading on the platform.
Besides Singapore, OKX’s other international offices are located in Hong Kong, the UAE, and the Bahamas. Meanwhile, its cryptocurrency exchange is widely available to users worldwide, with restrictions in some jurisdictions.
- Learn more about OKX Singapore here.
- Read other articles we’ve written about Singaporean startups here.
Featured Image Credit: OKX / Gracie Lin