OKX wins Singapore license, former MAS official takes reins as regional CEO OKX wins Singapore license, former MAS official takes reins as regional CEO
The exchange said Singapore is a "core market" for its global development strategy.
2 min read
Updated: Sep. 2, 2024 at 11:10 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange OKX’s Singaporean entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former regulator Gracie Lin as CEO, according to a Sept. 2 announcement.
The MPI license is highly sought after in Singapore, as it allows businesses to operate without daily or monthly transaction limits.
To qualify, companies must be registered in Singapore, maintain a permanent place of business with record-keeping, have a minimum capital base of $250,000, and include at least one director who is a Singaporean resident or citizen.
Notably, several crypto firms, including Coinbase, BitGo, and Ripple, have secured MPI licenses in Singapore.
Meanwhile, this full licensing comes approximately seven months after OKX SG received in-principle approval for the MPI license from MAS in February 2024.
‘Core market’
Gracie Lin, CEO of OKX SG, emphasized Singapore’s significance as a global digital asset hub and its importance to the exchange. According to her, crypto is the next frontier of innovation, and Singapore plays a significant role in adoption.
She stated that obtaining the license is a key milestone in OKX’s efforts to contribute to the local community and ecosystem.
The exchange added:
“The MPI license approval and the appointment of Lin mark significant milestones for OKX in Singapore, which is a core market for OKX’s global development strategy.”
To achieve these goals, Lin brings extensive experience from her roles at MAS, sovereign wealth fund GIC, and ride-hailing company Grab. Her focus will be on developing crypto products and services tailored to Singaporean investors.
Meanwhile, OKX’s view about Singapore is unsurprising, considering the country ranked first in a recent study conducted by Henley & Partners about crypto adoption.
Singapore’s leadership in crypto adoption is attributed to its favorable financial, business, and regulatory environment, with strong performance in economic and technological factors.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.