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After a regulatory license in Dubai, the OKX crypto exchange received approval for a license from Singapore.
OKX has committed to fostering the local Web3 community in Singapore and investing in a local incubator to support innovators. OKX’s Singapore subsidiary has been granted in-principle approval for a payments license by the Monetary Authority of Singapore.
Why the MPI Licence is Beneficial for OKX
The license allows OKX to offer digital payment tokens and cross-border money transfer services in Singapore, which is the company’s priority market. Earlier this year, OKX was granted a regulatory license in Dubai. The license allowed it to offer crypto services to retail clients. With approval from MAS, OKX will gradually focus on expanding its offerings.
The company has been a proud main-stage sponsor for Token2049 for two years in a row. Experts arguably call it one of the most impactful crypto conferences hosted in and supported by Singapore.
Partnership with McLaren
OKX has also partnered with the McLaren F1 team for two consecutive years to co-design a custom livery to celebrate the spirit of Singapore during the Grand Prix.
OKX has received in-principle approval from MAS, allowing the company to offer digital payment tokens. In addition to this, cross-border money transfer services in Singapore under the Payment Services Act 2019. It presents an exciting opportunity for OKX to continue as a responsible stakeholder in Singapore. This also allows to build an enhanced suite of products and services for its users.
OKX is currently available for users in Singapore via the web or the iOS or Google Play apps. OKX President Hong Fang said that Singapore is a priority market, and the company has been investing here for some time.
The in-principle approval from MAS validates OKX’s commitment to date and is an exciting opportunity for the company to continue as a responsible contributor to Singapore’s crypto ecosystem. OKX intends to bring transparency and access to its customers while upholding best practices in regulated and innovation-driven industries.
The Chief Legal Officer Shares His Words
The Chief Legal Officer of OKX, Mauricio Beugelmans, emphasized the importance of regulatory compliance. He recognised it as a fundamental aspect of the company’s CeFi business strategy in its local expansion. The company fully supports the Monetary Authority of Singapore’s pioneering framework that aims to protect consumers by ensuring market integrity and security.
OKX is committed to responsibly and enthusiastically participating in Singapore’s burgeoning crypto industry while serving its users. Moreover, OKX was among the first in the crypto industry to publish monthly Proof of Reserves to validate its full backing of user funds held on the platform.
Using open-source verification tools, users can independently confirm that their assets are backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 16 consecutive monthly snapshots while leading the industry’s adoption of new and improved reporting standards.
Summary
OKX was granted regulatory licenses in Singapore and Dubai. Singapore is a priority market for the company. OKX also partnered with the McLaren F1 team for two consecutive years to co-design custom livery. OKX was among the first in the crypto industry to publish monthly proof of reserves.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
