OKX Obtains In-Principle Approval for MPI License in Singapore

OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Upon obtaining the full license, OKX will be able to provide digital payment token services and cross-border transfers in Singapore through its local entity, OKX SG.

Hong Fang, OKX President, stated: "Singapore has always been a priority country for us as part of our global strategy. As a regional financial and technology hub, Singapore attracts forward thinkers, entrepreneurs, and innovators who are open to venturing into the new. It's a market of early adopters who are well-versed in technology."

OKX has actively pursued regulation in various regions worldwide. Earlier this year, the exchange's Middle East subsidiary obtained a Virtual Asset Service Provider (VAPS) license in Dubai. Additionally, OKX had submitted license applications to regulators in France​ and Hong Kong​ last year.