- MPI License: Challenges and Solutions
- Singpass Integration to Enhance KYC
- Passive Trading Strategies of Singapore Traders
OKX Singapore has obtained the Major Payment Institution (MPI) license from MAS after addressing various challenges, including meeting stringent custodial asset requirements. Here, we explore the key aspects of this story and what it means for traders.
MPI License: Challenges and Solutions
OKX Singapore’s newly appointed CEO, Gracie Lin, opened up about the challenges the company faced for obtaining its Major Payment Institution (MPI) license. One of the biggest obstacles for OKX Singapore was meeting the requirement for a custodial bank account. This was a crucial condition set by the Monetary Authority of Singapore (MAS) as part of the licensing process. Lin noted that one of the most important and difficult conditions is making sure the bank has confidence in its plans and controls.
Singpass Integration to Enhance KYC
The integration of Singpass has allowed OKX Singapore to significantly speed up the user verification process. This has helped improve the time required to meet Know Your Customer (KYC) requirements, thereby enhancing user satisfaction.
Passive Trading Strategies of Singapore Traders
Traders in Singapore are leaning towards passive crypto strategies, mainly focusing on buying and holding assets. This reflects a cautious approach to investing and a desire to minimize risks.
Obtaining the MPI license is a significant milestone for OKX Singapore, opening up new opportunities for delivering financial services and improving user experience. It also underscores the importance of stringent regulatory compliance in the financial market.
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