OKX acquires key payments license in Singapore

Singapore, March 13, 2024 – great, a leading global cryptocurrency exchange and Web3 technology company, today announced its Singapore subsidiary OKX SG Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI).

The MPI license allows OKX to offer digital payment tokens and cross-border remittance services in Singapore.

“This sets the stage for the company to build an enhanced, locally tailored suite of products and services for its users,” OKX said.

OKX is currently available to Singapore users via web, iOS or Google Play apps.

OKX President Hong Fang said: “As we build technologies globally to power the future, we continue to be humbled by the opportunity to build locally. Singapore is a priority market and we have been investing here for some time. MAS’ in-principle approval is not only validation of our commitment to date, but also an exciting opportunity for us to continue to contribute as a responsible contributor to the Singapore cryptocurrency ecosystem. By combining global resources with local knowledge and expertise, we aim to be a long-term player providing transparency and accessibility to our customers while maintaining best practices in both regulated and innovation-driven industries.”

Mauricio Beugelmans, Chief Legal Officer at OKX, said: “Regulatory compliance is a key aspect of the CeFi business strategy we build locally, and we support the Monetary Authority of Singapore’s world-leading framework, which aims to maintain market integrity and protect consumers. security. We look forward to serving Singapore users while participating responsibly and passionately in the country’s growing cryptocurrency industry.”

In line with its commitment to transparency, OKX is one of the first companies in the cryptocurrency industry to issue monthly proof of reserves to verify full support of user funds held on the platform. Using an open-source verification tool, users can independently verify whether an asset is backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 16 consecutive monthly snapshots, leading the industry’s adoption of new and improved reporting standards.

Learn more at okx.com

For more information, please contact:

media@okx.com

Source: OKX