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OKX Wins In-Principle Approval for MPI License in Singapore

OKX's in-principle approval (IPA) for a major payment institution (MPI) licence allows it to provide digital payment tokens and cross-border money transfer services in Singapore.

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OKX has received an in-principle approval (IPA) for a Major Payment Institution (MPI) licence in Singapore.

The global crypto exchange said on 13 March that it received the preliminary green light from the Monetary Authority of Singapore (MAS).

Its new status allows the firm to provide digital payment tokens and cross-border money transfer services in Singapore.

OKX president Hong Fang said the IPA is "not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem."

"By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries."

In November, OKX applied for a virtual asset trading license from the Hong Kong Securities and Futures Commission.

Crypto Exchange OKX Pursues Virtual Asset Trading License in Hong Kong
OKX is seeking a virtual asset trading license in Hong Kong to strengthen its compliance measures and expand its presence in the Asia-Pacific region

This development underscores the growing importance of regulatory compliance in the cryptocurrency industry and OKX's dedication to adhering to regulatory frameworks in various jurisdictions.

The exchange's efforts align with the broader trend of crypto exchanges seeking licenses and approvals to operate legally and securely in a rapidly evolving market.

Last month, OKX found itself under the regulatory scrutiny of the South Korean Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU). The regulators accused OKX of facilitating unlawful service promotions of its centralized exchange platform, Jumpstart, to South Korean investors via Telegram influencers.

OKX Faces South Korea Probe Over Alleged Telegram Promotions
South Korean regulators are investigating OKX for unlawfully promoting Jumpstart via Telegram