Crypto exchange OKX has secured a full license in Singapore, allowing it to facilitate crypto trading and cross-border transfers. The company simultaneously announced that it had also onboarded a former regulator as the CEO of its arm, OKX Singapore.
On Sept. 2, the exchange announced that the Monetary Authority of Singapore (MAS) issued its major payment institution (MPI) license, allowing it to offer cross-border money transfer services and digital payment tokens.
Major payment institution license benefits in Singapore. Source: MAS
With the MPI license, OKX can exceed volume limitations for payment institutions. Licensed companies can surpass the 3 million Singaporean dollars ($2.2 million) volume limit for a payment service. The exchange will also be authorized to exceed the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
OKX Singapore onboards former regulator as CEO
Along with the license, OKX Singapore also announced that it had hired Gracie Lin, who previously held various positions at the MAS, as its new CEO.
In a post, Lin said that Singapore is an important part of the exchange’s global strategy because it is a key digital asset hub. Lin wrote:
“Obtaining the license is an important step in our journey, and we are more committed than ever to enabling access for our customers and contributing to the community and ecosystem.”
According to Lin, the newly secured MPI license will allow the company to offer digital payment tokens and cross-border money transfer services, including spot trading of cryptocurrencies in Singapore.
Source: OKX
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Singapore takes the lead in crypto adoption index
In a study conducted by investment migration consultancy firm Henley & Partners, Singapore ranked first in terms of crypto adoption worldwide. The research ranked different jurisdictions on adoption, infrastructure, regulations, economic factors and tax friendliness.
Singapore scored the highest overall, scoring 45.7 out of 60 points. The study said the country leads in crypto adoption because of its financial, business and regulatory environment. The country scored exceptionally high in economic factors and technology.
China’s special administrative region, Hong Kong, was second on the list, followed by the United Arab Emirates. Both countries scored high in terms of tax friendliness.
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