The financial authority in Singapore, MAS, has granted the well-known cryptocurrencycurrency exchange OKX preliminary approval to operate as a Major Payment Institution (MPI) through OKX SG, its local branch.
After acquiring the complete license, this permission enables OKX to provide cross-border transfers and digital payment token services in Singapore in accordance with the Payment Services Act 2019 (PS Act).
With this achievement, OKX intends to expand its offerings by concentrating on its spot product in Singapore and introducing local banking ties for clients.
“As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally,” stated OKX President Hong Fang. Singapore is a market that we prioritize and have been investing in for a while.
OKX is able to provide more than one payment service due to the MPI license. This event comes after Dubai’s cryptocurrencycurrency regulator granted OKX a conditional license recently. Additionally, BitGo, a cryptocurrencycurrency custody company, was granted MAS’s clearance in principle.
Previous examples of the increasing acceptability of cryptocurrencycurrencies in the region are the complete payment institution licenses that HashKey, Coinbase, Crypto.com, and Ripple received in Singapore.
