Singapore-based cryptocurrency exchange OKX has achieved another major accomplishment by receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This comes after being awarded the approval in principle in February, a milestone in expanding the company’s operations in Singapore’s accelerating crypto exchange market.
With this new license, OKX Singapore can expand its product line, comprising cryptocurrency spot trading and trading between SGD and cryptocurrencies which greatly extends OKX Singapore’s capacity to operate in the local market and strengthens its position.
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New Leadership Needed To Steer OKX Singapore’s Growth
OKX Singapore has appointed Ms. Gracie Lin as the new CEO to guide the company through this critical period. Ms. Lin brings over 14 years of experience in the financial, public, and technology sectors. Her roles at Grab, GIC, and MAS have prepared her to lead OKX Singapore’s compliance and product development. Ms. Lin will focus on managing legal issues and expanding the range of supported tokens. Her leadership will be crucial as OKX Singapore seeks MAS approval to offer more products.
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Singapore-Based OKX Secures License to Operate Crypto Exchanges
Obtaining the MPI license allows OKX Singapore to join a select group of licensed crypto exchanges, including Independent Reserve and Coinhako. OKX Singapore, with over 500 employees, operates in areas like product engineering, legal, compliance, and human resources. This achievement strengthens OKX Singapore’s market position and highlights Singapore’s growing appeal as a destination for digital assets. OKX’s focus on the local market underscores its commitment to Singapore amid the expanding cryptocurrency industry.
Conclusion
The acquisition of the MPI license is a pivotal moment for OKX Singapore, enabling service expansion and market strengthening. Led by Gracie Lin, OKX Singapore is well-positioned to navigate regulatory complexities and continue its growth in the competitive crypto landscape. This development further cements Singapore’s role as a critical player in the global digital asset ecosystem.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.