Crypto exchange OKX snags major payment institution licence from MAS

THE Monetary Authority of Singapore (MAS) granted OKX in-principle approval for a major payment institution (MPI) licence on Wednesday (Mar 13).

The approval for the crypto exchange makes it among the few to be licensed, including Independent Reserve and Coinhako, and follows the approval for Upbit’s MPI licence. The approval will allow OKX to provide digital payment token and cross-border money transfer services in Singapore.

Singapore has been a priority for OKX as part of its global strategy, according to OKX president Hong Fang, who said that the exchange has been investing in the country for some time. Regulatory compliance is core to the exchange’s strategy and OKX is committed to transparent engagement with MAS.

“The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem,” said Hong.

Following the approval, OKX will be focusing on its spot crypto product to expand its offering. It will also work on bringing local banking connections to customers here.