OKX, a leading global Web3 technology company and virtual asset exchange, announced today 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 License (MPI).
A Milestone for Regulated Digital Asset Services
This approval enables OKX to offer digital payment token services and cross-border money transfers in Singapore under the 2019 Payment Services Act (PS Act). The license reinforces OKX's commitment to providing secure, transparent, and compliant virtual asset solutions tailored for Singaporean users.
Key Benefits of the MPI License:
- Regulated Services: Authorized operations under MAS's robust financial framework.
- Localized Offerings: Customized products for Singapore's dynamic fintech ecosystem.
- Cross-Border Capabilities: Facilitates seamless international remittances.
👉 Explore OKX's licensed services in Singapore
Leadership Perspectives
Hong Fang, President of OKX, emphasized:
"Singapore is a strategic market where we've invested significantly. MAS's approval validates our long-term commitment to advancing responsible innovation in virtual assets. We aim to combine global expertise with local insights to deliver transparency and accessibility."
Mauricio Beugelmans, Chief Legal Officer, added:
"Compliance is central to our operations. We fully support MAS's regulatory standards to safeguard consumers and market integrity while fostering growth."
Commitment to Transparency
OKX sets industry benchmarks with:
- Monthly Proof-of-Reserve Reports: Audits verifying 1:1 backing of user assets.
- Open-Source Verification Tools: Users can independently validate asset security.
- 16+ Consecutive Months of published reserve data.
About OKX
As a top-tier virtual asset platform, OKX serves 50M+ users worldwide with:
- Web3 Ecosystem: Integrated wallet, DeFi, and NFT solutions.
- Global Partnerships: Collaborations with Manchester City FC, McLaren F1, and Tribeca Festival.
- Innovation Focus: Pioneering compliant and user-centric crypto services.
Discover more at okx.com.
FAQ Section
Q: What services can OKX now offer in Singapore?
A: Digital payment token transactions and cross-border remittances under MAS oversight.
Q: How does OKX ensure asset security?
A: Through monthly proof-of-reserve audits and open-source verification tools.
Q: Is OKX available on mobile devices?
A: Yes, via iOS and Android apps alongside web platforms.
Q: Why is MAS approval significant?
A: It reflects adherence to Singapore's stringent financial regulations and consumer protections.
👉 Learn about OKX's global compliance milestones
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Services are subject to regulatory approvals and terms.