OKX Granted Full Major Payment Institution License by Singapore
CryptoNewsTerminal Staff01 Sep, 2024
OKX Granted Full Major Payment Institution License by Singapore
OKX, a leading cryptocurrency exchange, has obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The MPI license permits OKX to offer a range of payment services in Singapore, including digital payment token services, money transfer services, and merchant acquisition services. In addition to obtaining the MPI license, OKX has also appointed Grace Lin, a former MAS executive, as its Singapore CEO. Lin will be responsible for leading OKX's growth in Singapore and developing crypto products and services tailored to the needs of Singaporean investors. OKX was first granted in-principle approval for the MPI license in March 2023. The full license was granted after OKX met all of MAS's requirements, including compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations. The granting of the MPI license to OKX is a significant development for the cryptocurrency industry in Singapore. It demonstrates MAS's commitment to regulating the industry and providing a safe and secure environment for cryptocurrency businesses to operate.
