OKX Secures Crypto License in Singapore

September 02, 2024 06:31 PM AEST | By Team Kalkine Media

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OKX Secures Crypto License in Singapore — Image source: shutterstock

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Crypto exchange OKX has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to expand its services in the region. The MPI license permits OKX to facilitate cross-border money transfers and offer digital payment tokens. This regulatory approval enables OKX to surpass previous volume limitations imposed on payment institutions, including the SGD 3 million cap for individual payment services and the SGD 6 million limit for multiple payment services.

In conjunction with the licensing news, OKX Singapore has appointed Gracie Lin as its new CEO. Lin, formerly a regulator at MAS, brings extensive experience from her previous roles at the authority. Lin emphasized Singapore's pivotal role in OKX’s global strategy, highlighting the city-state's status as a key digital asset hub. With the MPI license, OKX will be able to provide a broader range of services, including cryptocurrency spot trading, within Singapore.

Singapore has been recognized for its advanced stance on cryptocurrency adoption. According to a recent study by investment migration consultancy Henley & Partners, Singapore topped the global {crypto} adoption index. The study evaluated jurisdictions based on adoption rates, infrastructure quality, regulatory environment, economic factors, and tax policies. Singapore scored the highest with 45.7 out of 60 points, reflecting its robust financial, business, and regulatory environment, and high performance in economic factors and technological advancements.

Hong Kong, a special administrative region of China, ranked second on the list, followed by the United Arab Emirates. Both regions were noted for their favorable tax environments, contributing to their high scores in the crypto adoption index.

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