OKX Secures Singapore License, Appoints Ex-MAS CEO

Crypto exchange OKX has secured a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing its local subsidiary to offer digital payment token and cross-border money transfer services, including spot crypto trading for Singaporean customers.

The exchange has also appointed former MAS regulator Gracie Lin as the CEO of OKX SG. Lin, who has also worked at sovereign wealth fund GIC and ride-hailing company Grab, emphasized Singapore's significance as a global digital asset hub and its importance to OKX's global development strategy.

"Crypto is the next frontier of innovation, and Singapore plays a significant role in adoption," said Lin. "Obtaining the license is a key milestone in OKX's efforts to contribute to the local community and ecosystem."

The MPI license is highly sought after in Singapore, as it allows businesses to operate without daily or monthly transaction limits. To qualify, companies must meet strict requirements, including being registered in Singapore, maintaining a permanent place of business, and having a minimum capital base of $250,000.

Several crypto firms, including Coinbase, BitGot, and Ripple, have also secured MPI licenses in Singapore in recent years. OKX's full licensing comes approximately seven months after its local subsidiary received in-principle approval for the license from MAS in February 2024.