OKX SG, a Singaporean entity of the crypto exchange OKX, recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows businesses to operate without transaction limits, making it a highly sought-after accreditation in the country.
To qualify for the MPI license, companies must meet strict criteria, including being registered in Singapore, maintaining a permanent place of business with record-keeping, and having a minimum capital base of $250,000. Additionally, at least one director must be a Singaporean resident or citizen. Notably, other prominent crypto firms like Coinbase, BitGo, and Ripple have also secured MPI licenses in the country.
Gracie Lin, a former regulator with experience at MAS, GIC, and Grab, has been appointed as the CEO of OKX SG. Her role will focus on developing tailored crypto products and services for Singaporean investors. Lin emphasized Singapore’s importance as a global digital asset hub and highlighted the country’s role in fostering innovation and adoption in the crypto space.
Singapore has been recognized for its leadership in crypto adoption, ranking first in a recent study by Henley & Partners. The country’s favorable financial, business, and regulatory environment, coupled with strong economic and technological performance, have contributed to its position as a hub for digital assets.
The approval of the MPI license and the appointment of Gracie Lin as CEO mark significant milestones for OKX SG in Singapore. The exchange’s commitment to the local community and ecosystem, as well as its strategic focus on developing products for Singaporean investors, position it well for future growth and success in the region.
