Cryptocurrency exchange OKX has announced the implementation of instant Singapore dollar (SGD) deposits and withdrawals for its Singapore-based customers. The new service was launched in collaboration with Singapore’s largest bank, DBS. Users can now access funds through the country’s PayNow and Fast and Secure Transfers (FAST) payment services.
Evy Theunis, head of digital assets at DBS’s institutional banking group, spoke about the bank’s commitment to fostering a responsible digital asset ecosystem in Singapore. Theunis stated in an email to Reuters that working with OKX deepens the bank’s wide-ranging involvement in this space.
The implementation follows OKX’s subsidiary obtaining a payments license from the Monetary Authority of Singapore in September. This license enables the exchange to provide digital payment tokens and cross-border money transfer services within Singapore’s jurisdiction.
The move comes as Singapore is taking actions to position itself as a major cryptocurrency hub in Asia. This expansion also coincides with OKX’s recent launch of a licensed cryptocurrency exchange in the United Arab Emirates. This exchange caters to both retail and institutional investors under Dubai’s Virtual Assets Regulatory Authority (VARA) framework.
The timing of OKX’s enhanced services aligns with a surge in cryptocurrency interest, particularly following Donald Trump’s U.S. presidential election victory. The crypto industry as a whole has reacted positively, mainly due to Trump’s pro-crypto stance and several promises that he made for the crypto industry.
OKX Tightens Compliance, Delists High-Risk Tokens Like FITFIEven though the announcement is a major positive development for the exchange, it hasn’t reflected entirely on the price of OKX’s native token, OKB. According to CoinMarketCap, OKB was down by over 2.5% in the last 24 hours and was trading at $44.44 at press time. However, aligning with overall bullish market conditions, OKB has also shown a 9.3% surge in the last 30 days.
The exchange’s strategic moves in both Singapore and the UAE demonstrate its commitment to expanding its regulated services across key markets. This is especially notable as both of these regions are known for their favorable regulatory situations and anti-money laundering regulations.
