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Crypto exchange OKX said Wednesday that it received in-principle approval for a digital asset license from Singapore’s central bank. This marks a significant step towards achieving full regulatory compliance in the country.
Approval in-principle typically means that financial institutions are conditionally chosen to fulfill specific obligations within a set timeframe.
The next step is obtaining approval for a Major Payment Institution License, allowing the unrestricted provision of payment services such as digital payment token services and cross-border transfers, without transaction volume limits.
We're proud to announce OKX SG has received in-principle approval for an MPI License from the MAS 🇸🇬
Our President @hfangca explains how this highlights our commitment to and investment in the Singapore crypto ecosystem 👉 https://t.co/37N9uUmm7x pic.twitter.com/MzQA3nMIM1
— OKX (@okx) March 13, 2024
Currently, 18 entities, including Blockchain.com, Circle, and Coinbase, have obtained this full license in Singapore.
OKX Gets Preliminary Approval Amid Crypto Market Resurgence
The preliminary approval arrives as the crypto market marks a significant comeback, marked by Bitcoin reaching a new record high above $72,000 on Monday.
“Singapore is a priority market and we’ve been investing here for some time,” OKX President Hong Fang said in a statement. “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.”
OKX is accessible to users in Singapore through its website, as well as iOS or Google Play apps.
Recent Initiatives
The exchange announced plans to expand wallet services in India last year, aiming to engage with the developer community despite regulatory uncertainties.
In January, OKX gained regulatory approval from Dubai’s financial authorities to provide retail virtual asset services. The exchange is now awaiting operational approval to introduce various services in the city, enhancing its presence in the Middle East.
More recently, it launched OKX TR, a crypto exchange designed specifically for users in Turkey.
Also, OKX recently wound down its Mining Pool and related services due to business adjustments.