OKX Obtains Approval in Principle for its Singapore License

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By Harper Lee

Cryptocurrency exchange OKX announced today that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore for a major payment institution license.

“Singapore is a priority market and we have been investing here for some time,” Hong Fang, chairman of OKX, said in a press release. “The approval in principle of MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to Singapore’s crypto ecosystem.”

The approval in principle brings OKX closer to its goal of providing digital payment token services in the city-state, its press release said.

OKX, one of the world’s largest cryptocurrency exchanges, processed more than $75 billion worth of crypto in February, while Binance, its main rival, saw monthly volume of $506 billion, according to data from The Block. OKX also recently launched a regional subsidiary in Türkiye, thus expanding its global presence.

MAS has granted the full license to several crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple.

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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About the Author

Danny Park is an East Asia reporter at The Block who writes about topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a bachelor’s degree in journalism and business marketing from the University of Hong Kong.

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