Lido DAO (ldo) 
OKX Acquires Approval for Major Payment Institution License in Singapore
Crypto exchange OKX has received in-principle approval from Singapore’s financial watchdog for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.
The Monetary Authority of Singapore (MAS) has granted OKX the in-principle approval for the MPI license, allowing the exchange to offer digital payment token services and cross-border transfers in the country.
Singapore has always been a key focus for OKX as part of its global strategy. The country’s regulatory framework is seen as clear and thoughtful, providing businesses with the opportunity to establish long-term operations.
With the recent milestone, OKX plans to concentrate on its spot product in Singapore and aims to enhance its offerings by establishing local banking connections for its customers.
MPI-licensed companies have the advantage of facilitating multiple payment services beyond the volume limitations set for payment firms. This means OKX can exceed the set limits for payment services in Singapore.
This approval follows OKX’s conditional license acquisition from Dubai’s crypto regulator, allowing the exchange to offer regulated services for virtual asset service providers in the region.
In addition to OKX, BitGo, a crypto custody business, has also received in-principle approval from MAS, subject to meeting further regulatory requirements.
Other prominent crypto organizations, including Crypto.com, Coinbase, and Ripple, have obtained complete payment institution licenses in Singapore. Crypto.com secured its MPI license in June 2023, Coinbase acquired the license in October 2023, and Ripple received formal approval in the same month.
Stay updated with the latest news in the cryptocurrency world on Global Crypto News.
