OKX Secures Major Payment Institution License in Singapore, Expands Crypto Trading and Cross-Border Services

• OKX secures Major Payment Institution license from MAS, enabling expanded crypto trading and cross-border transfer services in Singapore.
• Gracie Lin, a former MAS official, appointed as CEO of OKX Singapore, enhancing regulatory expertise and leadership.
• Singapore leads global crypto adoption, scoring highest in economic factors and technology, per Henley & Partners study.

OKX has officially received a license from the Monetary Authority of Singapore (MAS). The license gives the company the power to facilitate cross-border money transfers as well as digital payment token services.

OKX is now authorized to exceed the usual transaction volume caps set for payment institutions. Companies holding this license can surpass the standard limit of 3 million Singaporean dollars for a single payment service. They can also exceed the 6 million SGD monthly limit for multiple payment services.

New Leadership at OKX Singapore

Alongside the licensing announcement, OKX Singapore has appointed Gracie Lin as its new CEO. Lin, who has held various positions at MAS, brings a wealth of regulatory experience to the role. She expressed confidence that the MPI license would allow OKX to expand its offerings, including spot trading of cryptocurrencies within Singapore.

Singapore Leads in Crypto Adoption

A study done by investment migration consultancy Henley & Partners has shown that Singapore leads in global crypto adoption. The study ranked countries based on adoption, infrastructure, regulations, economic factors, and tax friendliness.

Singapore scored a notable 45.7 out of 60 points, leading the pack. The study attributed this to the nation’s strong financial, business, and regulatory environment. Singapore’s high scores in economic factors and technology further underscore its position.

Regional Competitors

Following Singapore, Hong Kong and the United Arab Emirates ranked second and third, respectively. Both regions earned high marks for tax friendliness, solidifying their positions as strong competitors in the crypto space.

The full license acquisition by OKX marks a significant step in its expansion within Singapore’s robust crypto market. With Gracie Lin as the lead, OKX Singapore is set to leverage its new capabilities in a country recognized for its forward-thinking approach to cryptocurrency.