Global cryptocurrency exchange OKX has just announced that it has been granted a full license by the Monetary Authority of Singapore (MAS) to facilitate crypto trading and cross-border money transfers, demonstrating progress in the digital asset market. In conjunction with this announcement, OKX Singapore also unveiled its appointment of a new CEO, Gracie Lin, a former regulator at the MAS.
The license given to OKX is referred to as a Major Payment Institution (MPI) license. With this permit, the company has increased scope to surpass volume restrictions for payment institutions – typically set at 3 million Singaporean dollars (approx. $2.2 million), even exceeding the monthly limit of 6 million Singaporean dollars ($4.4 million) for two or more payment services.
Gracie Lin, the newly instated CEO of OKX Singapore, acknowledged the significance of the MPI license. Lin announced that the license underpins Singapore’s integral role in the exchange’s global strategy as a pivotal digital asset hub. Furthermore, this new authorization not only aligns with their organizational commitments but also offers their customers increased accessibility to digital payment tokens, cross-border money transfer services, and crypto spot trading in Singapore.
A recent investigation conducted by Henley & Partners, an investment immigration consultancy firm, places Singapore as the top country for crypto adoption globally. The research evaluated multiple regions worldwide, based on several factors including adoption rate, infrastructure, regulation, economic factors, and tax amiability, with Singapore scoring 45.7 out of a possible 60 points. The results attributed the city’s leading rank in crypto adoption to its robust financial, business, and regulatory context.
Following Singapore, China’s special administrative region, Hong Kong, and the United Arab Emirates ranked second and third, respectively, scoring highly in tax-friendliness. This announcement from OKX adds to the growing narrative of Singapore’s strength in the worldwide digital asset sector.