OKX‘s Singapore subsidiary, OKX SG Pte., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI). This milestone permits OKX to offer digital payment tokens and cross-border money transfer services in Singapore under the Payment Services Act.
President Hong Fang expressed gratitude for the approval, emphasizing OKX’s commitment to providing enhanced products and services to Singaporean users. The approval grants OKX permission to provide digital payment tokens and cross-border money transfers, enabling the company to build a locally tailored suite of products and services.
Fang outlined OKX’s initial focus on spot products, with plans to establish local banking connections for customers. He highlighted Singapore’s clear and thoughtful regulatory framework, which fosters innovation while safeguarding consumers.
OKX Chief Legal Officer Maurucio Beugelmans echoed the importance of regulatory compliance in OKX’s business strategy, affirming support for MAS‘s framework aimed at protecting consumers and upholding market integrity.
In addition to expansion plans in Brazil and Argentina, OKX Middle East Fintech received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). While operational conditions are pending, the license will allow OKX Middle East to provide spot services and pairs to institutional and qualified retail customers once it is fully approved.
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