Gairika Mitra
A leading cryptocurrency exchange, OKX, has secured a significant milestone by obtaining a full license in Singapore, known as the Major Payment Institution (MPI) license on Monday. Issued by the Monetary Authority of Singapore (MAS), this license will allow the exchange to facilitate crypto trading and cross-border transfers.
OKX announced that the MAS had granted it the MPI license, which authorizes the exchange to offer a range of services, including cross-border money transfers and digital payment tokens. This license will allow OKX to exceed the typical volume limitations imposed on payment institutions in Singapore.
The exchange can now surpass the 3 million Singaporean dollars (approximately $2.2 million) volume limit for a single payment service and the 6 million Singaporean dollars (around $4.4 million) monthly limit for multiple payment services.
OKX recently appointed Gracie Lin as the CEO of its Singaporean arm. In a post on the OKX website, Lin shared Singapore’s growing importance as a digital hub, explaining its importance as a part of OKX’s global strategy.
“Born and raised here, I’ve always looked for ways to make a difference in Singapore. I’ve been fortunate to have had opportunities to do so in my previous roles at MAS, GIC and Grab. I believe OKX SG is the perfect launchpad to contribute on an even greater scale,” she said.
Recent reports show that Singapore has emerged as a leading player in the global crypto scene. It has attracted businesses and investors with its progressive regulatory framework.
The nation is aiming for thorough crypto regulations with an aim to foster innovation. The Monetary Authority of Singapore, Securities and Future Commission (SFC), Singapore Police Force (SPF), and the Payments Services Act (PSA) are some of the regulatory authorities for cryptocurrencies in Singapore.
Some of the important crypto regulations of Singapore include the Payments Services Act (PSA), the Securities and Futures Act (SFA), and the Commodity Trading Act.
Besides Singapore, Hong Kong has also emerged as a leading destination for cryptocurrencies. Recently, it accepted a new digital asset exchange license application. Hong Kong’s also introduced the region’s first Bitcoin Futures ETF on the Hong Kong stock exchange in July this year. The Shib Daily previously reported that the introduction of the ETF could strengthen Hong Kong’s position as a prominent global crypto hub.
Read More
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
