OKX wins Singapore license, former MAS official takes reins as regional CEO

Crypto speech OKX’s Singaporean entity, OKX SG, has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) and appointed erstwhile regulator Gracie Lin arsenic CEO, according to a Sept. 2 announcement.

The MPI licence is highly sought aft successful Singapore, arsenic it allows businesses to run without regular oregon monthly transaction limits.

To qualify, companies indispensable beryllium registered successful Singapore, support a imperishable spot of concern with record-keeping, person a minimum superior basal of $250,000, and see astatine slightest 1 manager who is simply a Singaporean nonmigratory oregon citizen.

Notably, several crypto firms, including Coinbase, BitGo, and Ripple, person secured MPI licenses successful Singapore.

Meanwhile, this afloat licensing comes astir 7 months aft OKX SG received in-principle support for the MPI licence from MAS successful February 2024.

‘Core market’

Gracie Lin, CEO of OKX SG, emphasized Singapore’s value arsenic a planetary integer plus hub and its value to the exchange. According to her, crypto is the adjacent frontier of innovation, and Singapore plays a important relation successful adoption.

She stated that obtaining the licence is simply a cardinal milestone successful OKX’s efforts to lend to the section assemblage and ecosystem.

The speech added:

“The MPI licence support and the assignment of Lin people important milestones for OKX in Singapore, which is simply a halfway marketplace for OKX’s planetary improvement strategy.”

To execute these goals, Lin brings extended acquisition from her roles astatine MAS, sovereign wealthiness money GIC, and ride-hailing institution Grab. Her absorption volition beryllium connected processing crypto products and services tailored to Singaporean investors.

Meanwhile, OKX’s presumption astir Singapore is unsurprising, considering the state ranked archetypal successful a caller study conducted by Henley & Partners astir crypto adoption.

Singapore’s enactment successful crypto adoption is attributed to its favorable financial, business, and regulatory environment, with beardown show successful economical and technological factors.

The station OKX wins Singapore license, erstwhile MAS authoritative takes reins arsenic determination CEO appeared archetypal connected CryptoSlate.