Global cryptocurrency exchange OKX has achieved a significant milestone in Singapore, with its local subsidiary OKX SG receiving a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company simultaneously announced the appointment of Gracie Lin, a former MAS executive, as CEO of OKX Singapore.
MPI License Approval and Expanded Services
The MPI license grants OKX SG authorization to provide unlimited payment services in Singapore, including:
- Digital payment token transactions
- Cross-border money transfers
- Cryptocurrency spot trading
This follows the in-principle approval granted in March 2024, marking OKX's formal entry into Singapore's regulated digital asset market.
Leadership Transition: Gracie Lin Takes Helm
The appointment of Gracie Lin brings significant regulatory expertise to OKX Singapore's leadership team. Her career highlights include:
- MAS Tenure (2005-2015): Served as Deputy Director and Head of Money Markets
- Private Sector Experience: Former VP at GIC and strategy lead at Grab
- Regulatory Insight: Deep understanding of Singapore's financial policy framework
👉 Discover how OKX is expanding its regulated services worldwide
Strategic Growth Across Multiple Markets
While consolidating its position in Singapore, OKX continues executing an ambitious global expansion strategy:
| Region | Development | Services Offered |
|---|---|---|
| Australia | Launched May 2024 | Spot trading, derivatives |
| Netherlands | June 2024 launch | Trading platform, Web3 wallet |
| EU (Malta) | MiCA compliance hub | Future regulatory operations |
FAQ: Understanding OKX's Recent Moves
Q: What does the MPI license allow OKX to do in Singapore?
A: It permits unlimited digital payment services including crypto transactions and cross-border transfers under MAS supervision.
Q: Why is Gracie Lin's appointment significant?
A: Her MAS background signals OKX's commitment to compliance-first operations in regulated markets.
Q: What happened with OKX's Hong Kong operations?
A: The company withdrew its VASP application as part of strategic prioritization, though specifics weren't disclosed.
👉 Explore OKX's full range of cryptocurrency services
Commitment to Singapore's Crypto Ecosystem
In her public statement, CEO Gracie Lin emphasized:
"This license represents our commitment to providing secure digital asset access while contributing to Singapore's growing blockchain ecosystem."
The move strengthens Singapore's position as a leading Asian hub for regulated cryptocurrency activities, with OKX joining other licensed operators in serving institutional and retail investors.
Content analysis by cryptocurrency market specialists with 2+ years industry experience