The Major Payment Institution license will allow OKX to facilitate multiple payment services and exceed the transaction volume limitations set by Singapore’s financial regulator.
Crypto exchange OKX has acquired in-principle approval from Singapore’s financial watchdog for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.
In an announcement sent to Cointelegraph, OKX said it had already received the in-principle approval for the license. The MPI license is issued by the Monetary Authority of Singapore (MAS), the country’s principal financial regulator. After receiving the full license from MAS, OKX will be allowed to provide digital payment token services and cross-border transfers in the country.
OKX president Hong Fang said that Singapore was always a priority for the exchange in terms of its global strategy. The executive explained that Singapore attracts entrepreneurs venturing into new markets. “It’s a market of early adopters who are well-versed in technology.” Fang also described the country’s regulatory framework as “clear and thoughtful,” allowing businesses to “build better for the long-term.”
