OKX receives in-principle approval for Singapore’s Major Payment Institution License (MPI)

OKX announced today that its Singapore subsidiary "OKX SG Pte. Ltd." has obtained the principle of "Major Payment Institution License (MPI)" issued by the Monetary Authority of Singapore (MAS) sexual approval.

This important milestone lays the foundation for OKX’s development to provide digital payment tokens and cross-border remittance services in Singapore under the Payment Services Act 2019 (PSAct), providing local users with more Powerful and personalized products and services.

According to Singapore’s Payment Services Act, cryptocurrencies such as stablecoins and Bitcoin are considered digital payment tokens (DPT).

OKX currently provides services to Singapore users through the web and iOS or Google Play applications.

Hong Fang, President of OKX, said: “We are working hard globally to promote technology development, commit to building the future, and are encouraged by local opportunities in various markets. Singapore has always been one of the important markets we focus on, We have continued investments here.”

MAS’s in-principle approval is not only an affirmation of our ongoing market commitment, but also provides us with an excellent opportunity to continue to promote virtual assets in Singapore. Contribute to the responsible development of the ecosystem. We will make full use of global resources combined with local market insights and expertise, be committed and actively engaged over the long term, and provide customers with transparency and more access opportunities, while adhering to regulatory standards and adhering to the principles of industry best practices.

OKX Chief Legal Officer Mauricio Beugelmans emphasized: “Compliance is an integral part of our business strategy in the local market and centralized finance. We firmly support the Monetary Authority of Singapore’s world-leading regulatory framework and are committed to Maintain the integrity and security of the market to protect consumer rights. We look forward to serving Singapore users and actively and responsibly participating in this growing virtual asset industry."

OKX has always insisted Transparency Principle is one of the first companies in the virtual asset industry to publish monthly reserve certificate reports. Through these reports, it is verified that user assets held by the platform are fully supported and protected. Users can also use open source verification tools to independently verify that their assets are backed by OKX reserves. Since its launch in late 2022, OKX has published 16 consecutive months of proof of reserves reports and is actively driving the industry to adopt innovative and continuously improving reporting standards.

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