OKX Receives Major Payment Institution License In Singapore
OKX SG received in-principal approval for the MPI License from MAS in February 2024 and is in the process of building a world-class team to support its plans in the Singapore market.
OKX, a leading global crypto exchange, and Web3 technology company, has announced that its Singapore entity, OKX SG, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license, granted under the Payment Services Act 2019 (PS Act), allows OKX SG to provide digital payment tokens and cross-border money transfer services, including spot trading of cryptocurrencies, to customers in Singapore.
In addition to this milestone, OKX SG has appointed Gracie Lin as its new CEO. Lin will be responsible for overseeing the development of new products and services that OKX SG is now authorized to offer to Singaporean customers.
Her previous roles include heading the Regional Strategy & Economics team at Grab and holding various positions at MAS and the sovereign wealth fund GIC. Lin holds a bachelor's degree in economics from the University of Chicago and a master’s degree in international & development economics from Yale University.
Singapore is renowned as a leading crypto hub, offering clear regulatory guidelines under its Payment Services Act (PSA) for cryptocurrency firms. This regulatory clarity has solidified the city-state’s position as a favorable environment for digital asset businesses.
