OKX receives preliminary approval for payment institution license in Singapore

Crypto exchange OKX has received preliminary approval for a Major Payment Institution (MPI) license from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS). Once it obtains the full license, OKX will be able to offer digital payment token services and cross-border transfers in Singapore. OKX President Hong Fang stated that Singapore is a key market for the exchange due to its tech-savvy and early adopter population, as well as its clear and thoughtful regulatory framework. With the new license, OKX plans to focus on its spot product in Singapore and expand its offerings by establishing local banking connections. The MPI license will allow OKX to facilitate multiple payment services without being limited by volume restrictions. OKX recently obtained a conditional license from Dubai’s crypto regulator, allowing it to offer regulated services for virtual asset service providers in the region. BitGo, another crypto custody business, also received preliminary approval from MAS. Other crypto organizations, such as Crypto.com, Coinbase, and Ripple, have already obtained full payment institution licenses in Singapore.