Cryptocurrency exchange OKX’s Singaporean entity, OKX SG, recently announced that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license is highly coveted in Singapore as it grants businesses the ability to operate without daily or monthly transaction limits. In order to qualify for this license, companies must meet certain criteria, such as being registered in Singapore, maintaining a permanent place of business with record-keeping, having a minimum capital base of $250,000, and including at least one director who is a Singaporean resident or citizen.
Gracie Lin, a former regulator, has been appointed as the CEO of OKX SG. With her extensive experience from roles at MAS, sovereign wealth fund GIC, and ride-hailing company Grab, Lin is well-equipped to lead the exchange towards success. She highlighted Singapore’s importance as a global digital asset hub and emphasized the role of crypto in driving innovation. Lin sees obtaining the MPI license as a key milestone in OKX’s efforts to make a positive impact on the local community and ecosystem.
Singapore’s significance in the world of cryptocurrency is undeniable. The country recently ranked first in a study conducted by Henley & Partners on crypto adoption. This leadership position is attributed to Singapore’s favorable financial, business, and regulatory environment, as well as its strong performance in economic and technological factors. Numerous other crypto firms, such as Coinbase, BitGo, and Ripple, have also obtained MPI licenses in Singapore, further solidifying the country’s reputation as a crypto-friendly nation.
OKX SG views Singapore as a core market for its global development strategy. The exchange’s approval of the MPI license and the appointment of Gracie Lin as CEO signify significant milestones in its operations in Singapore. Lin’s focus will be on developing crypto products and services that cater to Singaporean investors, thereby contributing to the growth of the cryptocurrency ecosystem in the country.
OKX SG’s attainment of the MPI license in Singapore is a reflection of the exchange’s commitment to expanding its presence in the country and driving innovation in the crypto space. With the leadership of Gracie Lin and Singapore’s supportive environment for cryptocurrency, OKX SG is poised for success in the rapidly evolving digital asset landscape.
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