Singapore’s crypto landscape saw a notable development as OKX’s local branch obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This milestone comes after OKX Singapore received in-principle approval for the licence in February. With this new authorisation, OKX Singapore is set to expand its digital payment token and cross-border money transfer services, solidifying its presence in the competitive market of crypto exchanges in Singapore.
Expansion of Services and Compliance Focus
The MPI licence enables OKX Singapore to offer enhanced services, including spot trading of cryptocurrencies and on-and-off-ramp services between the Singapore dollar and digital assets. To steer the company through this new phase, Ms. Gracie Lin has been appointed as the chief executive.
Ms. Lin, who brings nearly two decades of experience across various sectors, including financial, public, and technology, is poised to lead OKX Singapore’s compliance and product enhancement initiatives. She previously held key positions at Grab, GIC, and the MAS, making her well-equipped to navigate the regulatory landscape. Initially, Ms. Lin will focus on ensuring compliance and expanding the range of tokens available for trading on the platform, as the company seeks MAS approval to enlarge its current offerings.
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OKX Singapore’s MPI licence places it among a select group of licensed crypto exchanges in Singapore, including Independent Reserve and Coinhako. With several hundred employees in Singapore, the company’s operations span across product engineering, legal, compliance, and human resources.
Singapore’s reputation as a global digital asset hub is further bolstered by OKX’s commitment to the local market. Notably, the company also holds a licence in Australia for derivatives trading, reflecting its growing influence in the Asia-Pacific region. OKX’s expansion and licensing underscore Singapore’s strategic importance in the global digital asset ecosystem, positioning the city-state as a key player in the industry.
