Global Web3 technology leader and virtual asset exchange OKX announced today that its Singapore subsidiary, "OKX SG Pte. Ltd.", has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This milestone enables OKX to offer digital payment token services and cross-border money transfers in Singapore under the 2019 Payment Services Act (PS Act). The license paves the way for tailored financial solutions that empower local users with secure, innovative Web3 tools.
👉 Discover OKX's licensed services in Singapore
OKX’s Commitment to Responsible Growth in Singapore
Hong Fang, President of OKX, stated:
"Singapore is a strategic market where we’ve invested significantly. MAS’s approval reflects our long-term commitment to advancing the virtual asset ecosystem responsibly. By leveraging global expertise and local insights, we aim to enhance transparency and accessibility while adhering to regulatory best practices."
Mauricio Beugelmans, Chief Legal Officer, added:
"Compliance is central to our localized strategy. We endorse MAS’s robust framework to safeguard consumers and market integrity. Excited to serve Singaporean users as a trusted participant in this dynamic sector."
Key Features of OKX’s Singapore Operations:
- Regulated Services: MPI license ensures compliance with MAS standards.
- Proof of Reserves: Monthly audits verify 100% backing of user assets.
- Cross-Border Solutions: Seamless digital payment token transfers.
Transparency at the Core
OKX pioneered monthly Proof of Reserves reports, allowing users to independently verify asset backing via open-source tools. Over 16 consecutive months, these reports have set industry benchmarks for accountability.
FAQs: OKX’s MPI License in Singapore
Q: What services can OKX offer under the MPI license?
A: Digital payment token trading and cross-border remittances, compliant with Singaporean regulations.
Q: How does OKX ensure user asset security?
A: Through monthly Proof of Reserves audits and open-source verification tools.
Q: Is OKX available to Singaporean residents now?
A: Yes, via web platform and iOS/Android apps.
👉 Explore OKX’s regulated offerings
Risk Disclaimer: Cryptocurrency investments carry high risk due to price volatility. Assess your risk tolerance carefully.
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