OKX Secures Major Payment Institution License in Singapore

Cryptocurrency exchange OKX has announced that its Singapore entity has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore, the city-state's central bank. This new license allows OKX SG to offer a range of digital payment services, including the buying and selling of cryptocurrencies and cross-border money transfers.

In conjunction with this development, OKX has appointed Gracie Lin as the CEO of OKX SG. Lin will lead the company's efforts in developing and launching new products and services tailored for the Singaporean market.

Singapore has become a significant hub for cryptocurrency due to its clear regulatory framework. Under the Payment Services Act (PSA), cryptocurrencies are regulated as digital payment tokens, providing firms with clear guidelines on how to operate within the country. This regulatory clarity makes Singapore an attractive destination for cryptocurrency businesses.