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OKX, a leading cryptocurrency exchange, has received in-principle approval for its Major Payments Institution (MPI) license from Singapore's financial regulator.
OKX Approved for Major Payments Institution License in Singapore
This significant development, achieved through its local subsidiary OKX SG, marks a crucial step for the platform's expansion into the Southeast Asian market.
The Monetary Authority of Singapore (MAS), the country's primary financial regulator, has granted in-principle approval for the MPI licence, allowing OKX to offer digital payment token services and cross-border transfers within Singapore once it receives a full licence.
Emphasizing the importance of Singapore in OKX's global strategy, OKX President Hong Fang emphasized that the country is a center for innovative entrepreneurship.
Fang praised Singapore's clear and rigorous regulatory framework, saying it allows businesses to operate with a long-term perspective and appeal to tech-savvy early adopters.
In addition to OKX, other crypto-related organizations have also made significant strides in Singapore's regulatory environment. BitGo, a crypto custody business, received in-principle approval from MAS, demonstrating the regulator's proactive approach to regulating the evolving crypto sector.
Crypto.com, Coinbase and Ripple are among the notable firms that have secured full payment institution licenses in Singapore, underlining the country's growing importance in the cryptocurrency and blockchain space.
These developments reflect the increasing general acceptance and regulatory maturity of cryptocurrencies worldwide.
*This is not investment advice.