OKX, a major crypto exchange, has obtained a full license in Singapore, which allows the platform to facilitate crypto trading and cross-border transfers. Along with this milestone, OKX has appointed a former regulator as the new CEO of its Singapore branch.
On September 2, OKX announced that the Monetary Authority of Singapore (MAS) issued it a Major Payment Institution (MPI) license. This license enables OKX to offer cross-border money transfer services and digital payment tokens in Singapore.
Expanded Capabilities for OKX
With the MPI license, OKX now has the ability to exceed the volume limitations typically placed on payment institutions. This means the exchange can process transactions beyond the 3 million Singaporean dollars ($2.2 million) limit for a single payment service. Additionally, it can surpass the monthly cap of 6 million Singaporean dollars ($4.4 million) for two or more services.
OKX Singapore also announced the appointment of Gracie Lin as its new CEO. Lin, who previously held various roles at the Monetary Authority of Singapore, emphasized the strategic importance of Singapore in OKX’s global operations. She highlighted the city-state’s role as a key hub for digital assets.
In a public statement, Lin expressed her enthusiasm about the new license, noting that it marks a significant step in the exchange’s expansion plans. She affirmed OKX’s commitment to enhancing access for its customers and contributing to the local crypto community.
Singapore Tops Global Crypto Adoption Rankings
According to a recent study by Henley & Partners, a consultancy firm specializing in investment migration, Singapore has emerged as the top country for crypto adoption worldwide. The study evaluated various regions based on adoption rates, infrastructure, regulations, economic factors, and tax policies.
Singapore scored 45.7 out of 60 points, placing it at the top of the global rankings. The country’s leadership in crypto adoption is attributed to its favorable financial, business, and regulatory environment. The study also noted Singapore’s high scores in economic factors and technology.
Hong Kong and the United Arab Emirates followed Singapore in the rankings, with both regions scoring well in terms of tax friendliness.
