Global Web3 technology company and virtual asset exchange OKX has announced that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This milestone allows OKX to offer regulated digital payment token and cross-border money transfer services in Singapore under the country’s Payment Services Act.
The approval strengthens OKX’s presence in one of the world’s most recognized and innovation-friendly digital asset markets. It reflects the company’s ongoing commitment to operating within established regulatory frameworks and expanding its services in key global regions.
What the MPI License Means for OKX and Its Users
The in-principle approval grants OKX the ability to provide digital payment token services and facilitate cross-border payments within Singapore. This regulatory milestone enables the platform to offer a broader range of secure and tailored financial products to users in the region.
Singapore has established itself as a leading hub for fintech and digital asset innovation. The MAS is widely respected for its clear and comprehensive regulatory approach, which prioritizes consumer protection and market integrity. Operating under this framework allows OKX to align its services with high standards of compliance and security.
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Users in Singapore can already access OKX’s services through its official website and mobile applications available on iOS and Google Play. The full license will further enhance the localized offerings available to them.
Leadership Perspectives on Regulatory Milestone
OKX President Hong Fang emphasized the importance of the Singapore market and the company’s long-term commitment to responsible growth within the region. She stated:
“We are encouraged by the local opportunities available across multiple markets as we work to build the future with technology. Singapore is a key market for us, and we have been investing here for some time.
The in-principle approval from the MAS is not only a testament to our commitment to this market but also provides us with a great opportunity to contribute to the responsible development of Singapore’s virtual asset ecosystem.”
Mauricio Beugelmans, OKX Chief Legal Officer, highlighted the central role of compliance in the company’s business strategy:
“Compliance is at the heart of our localization efforts and our centralized finance business strategy. We support the world-leading regulatory framework established by the Monetary Authority of Singapore, which protects consumers by upholding market integrity and security. We look forward to serving users in Singapore and are excited to participate responsibly in the country’s growing virtual asset industry.”
Commitment to Transparency and Security
A key aspect of OKX’s operational philosophy is its strong emphasis on transparency. The exchange was among the first in the industry to introduce monthly Proof of Reserves reports, providing independent verification that user funds are fully backed.
These reports allow users to independently verify that their assets are supported by OKX’s reserves through open-source tools. For over 16 consecutive months, OKX has consistently published these reports, advocating for higher standards of accountability and transparency across the digital asset industry.
About OKX
OKX is a leading global virtual asset exchange and Web3 ecosystem. Its applications serve over 50 million users worldwide, offering reliable and high-performance trading experiences.
Beyond its core exchange services, OKX has introduced the OKX Web3 Wallet, providing users with access to decentralized finance (DeFi), GameFi, NFTs, and the broader metaverse. The company also maintains high-profile partnerships with sports and culture icons, including Manchester City Football Club, the McLaren Formula 1 team, and the Tribeca Festival, enhancing fan engagement through innovative Web3 experiences.
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Frequently Asked Questions
What does MPI in-principle approval mean for OKX?
The in-principle approval indicates that OKX has met the preliminary regulatory requirements set by the Monetary Authority of Singapore. Once finalized, the full MPI license will permit OKX to legally offer digital payment token services and cross-border money transfers in Singapore.
Can users in Singapore currently use OKX?
Yes, users in Singapore can already access OKX’s services through its website and mobile apps. The new license will allow the company to expand its product offerings and services specifically tailored to the Singapore market.
How does OKX ensure the security of user funds?
OKX employs a robust security framework that includes monthly Proof of Reserves reports. These reports, which use open-source verification tools, allow users to confirm that their assets are fully backed by the company’s reserves.
What services does OKX provide beyond trading?
In addition to its exchange services, OKX offers a Web3 wallet that enables users to interact with decentralized applications, trade NFTs, and participate in DeFi and GameFi ecosystems.
Why is regulatory compliance important for crypto exchanges?
Regulatory compliance helps protect consumers, prevent financial crimes, and ensure market stability. Exchanges that adhere to regulatory standards provide users with greater confidence and security.
How does OKX contribute to the broader Web3 ecosystem?
OKX supports the growth of Web3 through strategic partnerships, educational initiatives, and the development of user-friendly tools that make blockchain technology more accessible to a global audience.