Crypto exchange OKX has been granted preliminary approval by Singapore’s financial regulator for a Major Payment Institution (MPI) license. The license, issued by the Monetary Authority of Singapore (MAS), will allow OKX to provide digital payment token services and cross-border transfers in the country. OKX President Hong Fang stated that Singapore is a priority for the exchange and praised the country’s regulatory framework as “clear and thoughtful.” Once it receives the full license, OKX plans to focus on its spot product in Singapore and expand its offerings by establishing local banking connections for its customers. MPI-licensed companies like OKX are permitted to facilitate multiple payment services beyond the volume limitations imposed on payment firms. This means that OKX will be able to exceed the payment limits for its services. Earlier this year, OKX also obtained a conditional license from Dubai’s crypto regulator, allowing the company to offer regulated services for virtual asset service providers in the region.
Other crypto organizations such as BitGo, Crypto.com, Coinbase, and Ripple have also received approval from MAS. BitGo recently announced that it has received preliminary approval, subject to meeting additional requirements set by the regulator. Crypto.com obtained its MPI license in June 2023, while Coinbase and Ripple received their licenses in October 2023.
Singapore grants in-principle approval for payment institution license to OKX