Cryptocurrency exchange OKX has received in-principle approval from the Monetary Authority of Singapore (MAS) to obtain a Principal Payments Institution (MPI) license through its local subsidiary OKX SG, allowing it to offer digital payment token services and cross-border transfers in Singapore, but will have to wait for MAS to issue an official license.。

OKX approved in principle by MPI license

After receiving approval in principle, OKX plans to focus on its spot products in Singapore and work to build local banking connections for customers.。

As an MPI-licensed company, OKX will be able to facilitate multiple payment services that exceed the transaction volume limit set for payment companies, and any payment service may exceed the S $3 million (approximately US $2.2 million) limit. The monthly limit for two or more payment services is S $6 million (approximately US $4.4 million)。

"Singapore, a market of tech-savvy early adopters, has been the focus of our global strategy and as a regional financial and technology hub, Singapore attracts forward-thinking and innovative entrepreneurs and innovators," said Hong Huang, President of OKX.。"

Founder praised Singapore's regulatory framework as "clear and thoughtful," enabling companies to build on the long term.。

This is another license issued by MAS in recent weeks.。Bitstamp also reportedly received regulatory approval in principle, becoming the first cryptocurrency exchange in Europe to receive such authorization.。

The status of the cryptocurrency field continues to rise

Prior to receiving the in-principle license, OKX also recently received a conditional license from the Dubai Virtual Asset Regulatory Authority, allowing the company to provide regulated services to virtual asset service providers in the region.。

At the same time, the cryptocurrency exchange also complies with the latest regulations in the UK that came into effect on January 8, 2024.。All new and existing UK OKX customers must complete two questionnaires - Suitability Assessment and Customer Classification。

In Singapore, OKX and Crypto.Com, Coinbase, and other cryptocurrency institutions such as Ripple have received full payment institution licenses.。In addition, cryptocurrency custodian BitGo has also received approval in principle from MAS, subject to further requirements set by the regulator.。