Cryptocurrency exchange OKX announced that it has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) license, which will allow the exchange to provide various payment services without transaction volume limits.
The license has been granted to a subsidiary, OKX SG.
The information is confirmed on OKX's official page on the X platform: "We're proud to announce OKX SG has received in-principle approval for an MPI license from the MAS."
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The MPI license is issued by the Monetary Authority of Singapore (MAS). When the regulator issues the full license, OKX will be allowed to provide digital payment token services and cross-border remittances in the country.
OKX President Hong Fan emphasized the exchange's commitment to developing investments in Singapore's crypto ecosystem. He said that Singapore has always been a priority for the exchange in its global strategy. "It is a market with users who are well-versed in technology."
The OKX chief said Singapore's regulatory framework is clear and well thought out, allowing companies to plan for the long term.
Hong Fang said the company intends to focus on its spot products in Singapore after securing the license. OKX will improve relationships with local banks for its clients to expand its capabilities.
For companies with an MPI license, the regulator opens up access to providing multiple payment services that are not limited in volume as for traditional payment companies. As such, OKX's turnover can exceed the S$3 million (US$2.2 million) limit for one payment service and the S$6 million (US$4.4 million) monthly limit for two or more payment services.
OKX previously received a conditional license from Dubai's crypto regulator. On January 16, the Dubai Virtual Asset Regulatory Authority granted OKX a license to operate as a virtual asset service provider (VASP) in the region.
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