Crypto exchange OKX secured a full license in Singapore, allowing it to facilitate crypto trading and cross-border transfers. The company simultaneously announced the appointment of a new CEO for its arm, OKX Singapore.
MPI License in Singapore
On Sept. 2, the exchange announced that the Monetary Authority of Singapore (MAS) issued its Major Payment Institution (MPI) license, allowing it to offer cross-border money transfer services and digital payment tokens. With its new license, OKX can exceed volume limitations for payment institutions. Licensed companies can surpass the 3 million Singaporean dollars ($2.2 million) volume limit for a payment service and the monthly limit of 6 million SGD ($4.4 million) for two or more payment services.
New CEO Appointed at OKX Singapore
Along with the license, OKX Singapore also announced that it had onboarded Gracie Lin, who previously held various positions at MAS, as its new CEO. In a post, Lin emphasized Singapore's importance in the exchange’s global strategy, noting its status as a key digital asset hub. According to Lin, the newly secured MPI license will allow the company to offer digital payment tokens and cross-border money transfer services, including spot trading of cryptocurrencies in Singapore.
Singapore Leads in Crypto Adoption Index
In a study conducted by investment migration consultancy firm Henley & Partners, Singapore ranked first in terms of crypto adoption worldwide. The research ranked different jurisdictions on adoption, infrastructure, regulations, economic factors and tax friendliness. Singapore scored the highest overall, scoring 45.7 out of 60 points. The study said the country leads in crypto adoption because of its financial, business and regulatory environment. The country scored especially high in economic factors and technology. China's special administrative region, Hong Kong, was second on the list, followed by the United Arab Emirates.
The acquisition of the Major Payment Institution license in Singapore and the appointment of the new CEO emphasize OKX's commitment to strengthening its position in the digital asset market. Singapore continues to demonstrate leadership in crypto adoption, reinforcing its role as a key player in the global crypto market.
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