The cryptocurrency exchange OKX recently announced that it has received in-principle approval from the Monetary Authority of Singapore for a digital asset license. This event marks a significant step towards full compliance with regulatory requirements in the country and paves the way for the provision of unrestricted payment services, including digital payment token services and cross-border transfers. It is important to note that in Singapore, 18 organizations, including well-known names such as Blockchain.com, Circle, and Coinbase, have already obtained full licenses.

This approval comes at a time when the crypto market is experiencing a resurgence, with Bitcoin reaching a new record high above $72,000. OKX underscores its commitment to the Singapore market and sees the receipt of in-principle approval not only as a confirmation of its current commitments but also as an opportunity for further contribution to the development of the country's crypto ecosystem.

In addition to its efforts in Singapore, OKX is actively expanding its presence internationally. Last year, the exchange announced plans to expand wallet services in India and received approval from financial authorities in Dubai to provide retail virtual asset services. The exchange also launched a specialized platform for users in Turkey and downsized its mining pool as part of a business adjustment.

These steps reflect OKX's commitment not only to expanding its influence in various regions but also to adapting to changing market conditions while maintaining high standards of compliance and security.