The Singapore subsidiary of cryptocurrency exchange and Web3 technology firm, OKX, known as OKX SG Pte. Ltd., has been accorded in-principle approval for a Major Payment Institution License by the Monetary Authority of Singapore (MAS).
This approval will permit OKX to engage in the provision of digital payment token (DPT) and cross-border money transfer services in Singapore, in compliance with the Payment Services Act 2019. The firm says it is now set to develop a tailored suite of products and services for the local marketplace.
Currently, Singaporean users can access OKX through its website and mobile applications on both iOS and Google Play. The company has underscored its commitment to the Singapore market, with OKX President Hong Fang expressing gratitude for the opportunity to enhance their local operations.
Hong Fang
“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.
“By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries,”
said the OKX President.
This development affirms OKX’s ongoing initiatives in Singapore, but also presents a prospect for the company to continue contributing positively to the local crypto ecosystem. In a statement, OKX said it will leverage both its global and local expertise to foster transparency and accessibility for its customers, whilst maintaining adherence to regulatory and innovative standards.
Highlighting the essential role of regulatory compliance, OKX’s Chief Legal Officer, Mauricio Beugelmans, acknowledged the MAS’s robust regulatory framework, which seeks to protect consumers and ensure the integrity and security of the market. OKX anticipates an active and responsible participation in Singapore’s expanding crypto industry.
OKX distinguishes itself through a transparent approach, notably as one of the initial entities in the cryptocurrency industry to issue monthly Proof of Reserves. This practice reassures users of the secure backing of their assets on the platform, enabling them to independently verify this through open-source tools.
Since the inception of this initiative in late 2022, OKX highlighted how it has consistently published monthly reports, contributing towards advancing reporting standards within the sector.
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- Source: https://fintechnews.sg/93054/crypto/okx-singapore-gets-in-principle-mpi-license-to-offer-crypto-cross-border-services/
