Cryptocurrency exchange OKX’s Singaporean entity, OKX SG, recently announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license is highly coveted in Singapore as it allows businesses to operate without daily or monthly transaction limits.
To qualify for the MPI license, companies must be registered in Singapore, maintain a permanent place of business with record-keeping, have a minimum capital base of $250,000, and include at least one director who is a Singaporean resident or citizen. This licensing is crucial for crypto firms like OKX SG, as it signifies a significant step towards legitimacy and compliance in the industry.
Gracie Lin, a former regulator, has been appointed as the CEO of OKX SG. With her extensive experience at MAS, sovereign wealth fund GIC, and ride-hailing company Grab, Lin brings a wealth of knowledge to the position. Her focus will be on developing crypto products and services tailored to the needs of Singaporean investors.
OKX SG’s emphasis on Singapore’s role as a global digital asset hub is justified, considering the country’s leadership in crypto adoption. A recent study by Henley & Partners ranked Singapore first in terms of crypto adoption, citing its favorable financial, business, and regulatory environment as key factors for its success.
Obtaining the MPI license and appointing Gracie Lin as CEO are major milestones for OKX SG’s operations in Singapore. The exchange views Singapore as a core market for its global development strategy and aims to contribute to the local community and ecosystem through its innovative crypto products and services.
OKX SG’s achievement of securing the MPI license in Singapore and appointing Gracie Lin as CEO mark significant milestones in the exchange’s journey towards legitimacy and market expansion. With Singapore’s supportive regulatory environment and growing crypto adoption rate, OKX SG is well-positioned to thrive in the competitive digital asset landscape.
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