OKX Singapore, the Singapore arm of the crypto exchange OKX, has announced that it has obtained a full cryptocurrency payment license from the Monetary Authority of Singapore (MAS).
OKX Singapore Becomes Fully Licensed Crypto Exchanges
According to an announcement released on September 2, 2024, OKX Singapore has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
With this license, OKX Singapore has now become a fully licensed crypto exchange in Singapore, such as Coinhako and Independent Reserve.
It will be able to conduct digital asset trading and cross-border transactions in Singapore.
The license further enables the exchange to conduct transactions beyond the 3M SGD (~$2.2M) volume limit for payment institutions.
OKX Singapore will also be able to exceed the 6M SGD (~$4.4M) limit for at least two payment services.
OKX Singapore had earlier received its in-principle approval for payment license from the MAS in Feb. 2024.
OKX Singapore Appoints New CEO, Gracie Lin
The announcement further revealed that the exchange is onboarding Gracie Lin, a former Monetary Authority of Singapore (MAS) official, as its CEO.
In a post, Gracie Lin said,
Singapore is a world-class digital asset hub and an important market for OKX. I am excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers, and contributing to the community and ecosystem. I look forward to continuing my engagement with our partners, customers and the wider community here to see how we can best serve them.
Gracie added that the new license will enable OKX Singapore to offer spot trading of crypto to interested customers in Singapore further.
Before joining OKX Singapore, Gracie was the former MD of strategy and economics at Grab, the VP of business management at GIC, and the deputy director of the money markets department at the Monetary Authority of Singapore (MAS).
Singapore Is Truly Becoming A World-Class Digital Asset Hub
According to recent research by Henley & Partners, Singapore took the lead in global cryptocurrency adoption.
In the study, Henley & Partners rated several countries based on cryptocurrency adoption, tech, cryptocurrency regulation, tax friendliness, etc.
Singapore had the highest score of 45.7 out of 60. Henley & Partners emphasized that Singapore topped the list in terms of cryptocurrency adoption due to its friendly regulatory, business, and financial environment.
Singapore also led in tech and economic factors. Hong Kong came second, and the UAE came third.
