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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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.