OKX, a global cryptocurrency exchange and Web3 technology firm, has announced that its Singapore-based subsidiary, OKX SG Pte. Ltd., has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This approval marks a significant step for OKX, allowing it to offer digital payment token services and cross-border money transfers in Singapore under the country’s Payment Services Act 2019. This paves the way for the company to develop a more robust and locally adapted product ecosystem for its users in Singapore.
Singapore has established itself as a major hub for financial innovation and blockchain technology. The MAS is widely regarded as a forward-thinking regulator that balances market integrity with support for technological advancement. OKX’s approval reflects its ongoing commitment to compliance and customer protection in regulated markets.
Currently, users in Singapore can access OKX services through its website as well as dedicated iOS and Android applications available on the Google Play store.
Building a Local Presence with Global Expertise
OKX has identified Singapore as a strategic market and has made significant investments to align with local regulatory expectations and user needs. The in-principle license is a milestone that enables the company to deepen its engagement with the Singaporean digital asset community.
The President of OKX highlighted the company’s dedication to the local market, stating that the approval validates its efforts to contribute positively to Singapore’s cryptocurrency ecosystem. By leveraging both global resources and local insights, OKX aims to be a long-term, transparent, and innovative service provider.
The firm’s Chief Legal Officer also emphasized that regulatory compliance is central to its business strategy. He expressed support for the MAS’s regulatory framework, which is designed to protect consumers and ensure market security.
Advancing Transparency and Trust
A key aspect of OKX’s operational philosophy is transparency. The platform was among the earliest in the industry to introduce monthly Proof of Reserves reports. These reports allow users to independently verify that their assets are fully backed by OKX’s reserves.
Since its introduction in late 2022, the company has released 16 consecutive monthly attestations. This initiative not only boosts user confidence but also encourages higher standards of accountability across the cryptocurrency sector. 👉 Explore more strategies for verifying platform security
Frequently Asked Questions
What does in-principle approval mean for OKX in Singapore?
In-principle approval indicates that the Monetary Authority of Singapore has granted preliminary authorization for OKX to offer regulated digital payment services. This is a preparatory step before the company receives a full Major Payment Institution license.
Which services will OKX be able to provide in Singapore?
Once fully licensed, OKX will be permitted to provide digital payment token services and cross-border money transfer services in compliance with Singaporean law.
How can users in Singapore access OKX services?
Users can currently use OKX via its official website or mobile applications available for iOS and Android devices.
What is Proof of Reserves and why is it important?
Proof of Reserves is an auditing method that allows a cryptocurrency exchange to prove it holds sufficient reserves to cover all user balances. It enhances transparency and trust between the platform and its users.
How does this approval benefit OKX users?
The approval signifies that OKX meets high regulatory standards, offering users an added layer of security and compliance assurance when using the platform in Singapore.
Is OKX expanding into other regulated markets?
OKX has consistently shown interest in operating within regulated environments worldwide. The company continues to pursue licenses and partnerships in various jurisdictions to broaden its global service availability.