Global cryptocurrency exchange OKX has announced that its Singapore subsidiary, OKX SG, has been granted a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license authorizes OKX SG to offer digital payment token services and cross-border money transfers, including spot crypto trading for Singaporean investors.
In conjunction with receiving the full license, OKX SG has appointed Gracie Lin, a former official of MAS, as the CEO of its regional operations. Lin brings a wealth of experience from her time at MAS, Singapore’s sovereign wealth fund GIC, and ride-hailing giant Grab. According to OKX, Lin plans to focus on developing crypto products and services tailored to the specific needs of Singaporean investors.
OKX initially received its “in-principle” MPI license from Singapore in March 2024, marking Singapore as a “priority market” for the exchange, as stated by OKX President Hong Fang.
As one of the world’s leading cryptocurrency exchanges, OKX processed over $67 billion in crypto transactions in August. Despite this impressive figure, it trails behind its main competitor, Binance, which recorded a monthly volume of $448.45 billion.
The full license and strategic leadership appointment underscore OKX’s commitment to expanding its footprint in Singapore’s rapidly growing crypto market.
