SINGAPORE, March 13, 2024 /PRNewswire/ -- OKX, a leading global crypto exchange and Web3 technology company, today announced that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI).

This important milestone allows OKX to provide digital payment token and cross-border money transfer services in Singapore under the Payment Services Act 2019 (PS Act), and sets the stage for the company to build an enhanced, locally-tailored suite of products and services for its users.

OKX is currently available for users in Singapore via web or the iOS or Google Play apps.

OKX President Hong Fang said: "As we build technology globally to empower the future, we're continually humbled by opportunities to build locally. Singapore is a priority market and we've been investing here for some time. The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem. By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries."

OKX Chief Legal Officer Mauricio Beugelmans said: "Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the Monetary Authority of Singapore's world-leading framework, which aims to safeguard consumers by upholding market integrity and security. We look forward to serving users in Singapore while being a responsible and enthusiastic participant in the country's growing crypto industry."

In line with its dedication to transparency, OKX was among the first in the crypto industry to publish monthly Proof of Reserves to validate its full backing of user funds held on the platform. Using open-source verification tools, users can independently confirm that their assets are backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 16 consecutive monthly snapshots while driving the industry's adoption of new and improved reporting standards.

Learn more at okx.com

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About OKX

OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

The OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Not all products are available in all regions. Please consult your legal/tax/investment professional for questions about your specific circumstances.