- OKX SG’s MPI license from MAS allows extended digital payment and cross-border services.
- Gracie Lin’s proposal as CEO marks a significant leadership shift to improve local operations.
OKX SG, the Singaporean entity of the cryptocurrency exchange OKX, has reached a critical milestone by receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The statement on September 2 also stated the name of former MAS regulator Gracie Lin as CEO.
OKX Expands Singapore Presence with New CEO
The MPI license is widely sought after in Singapore since it lets financial institutions operate with no daily or monthly transaction limits. Companies must be based in Singapore, have a permanent business site with adequate record-keeping, a minimum capital base of $250,000, and at least one Singaporean director.
Several prominent cryptocurrency companies, like Coinbase, BitGo, and Ripple, have also secured MPI licenses in Singapore. OKX SG’s full licensing follows an in-principle acceptance from MAS in February 2024.
Gracie Lin emphasized Singapore’s vital role as a global digital asset hub and its significance to OKX’s expansion strategy. Lin, who has substantial experience at MAS, sovereign wealth fund GIC, and ride-hailing business Grab, plans to focus on developing cryptocurrency goods and services for Singaporean investors.
Hong, President of OKX, emphasized the company’s dedication to responsible innovation and expressed gratitude for accomplishing these achievements in Singapore.
OKX has also been actively growing its influence, keeping its position as the fifth-largest centralized exchange by trading volume in Q2, with more than $257 billion exchanged. Recent initiatives include a collaboration with the Aptos Foundation to help the ecosystem grow.
The MPI license and Lin’s hire are viewed as strategic moves by OKX, aligning with Singapore’s leadership in cryptocurrency adoption. The country recently ranked first in a Henley & Partners assessment on cryptocurrency adoption due to its favorable financial, business, and legal climate.
A recent study found that Singapore leads the way in cryptocurrency adoption, with 57% of surveyed participants possessing digital assets. The country’s aggressive regulatory environment continues to attract large cryptocurrency businesses, solidifying its position as a prominent player in the digital asset industry.
