“Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the Monetary Authority of Singapore’s world-leading framework, which aims to safeguard consumers by upholding market integrity and security.”
OKX has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI).
Through its Singapore subsidiary, OKX SG Pte. Ltd., the leading crypto exchange will be able to provide digital payment token and cross-border money transfer services in Singapore under the Payment Services Act 2019 (PS Act).
Currently available for users in Singapore via web or the iOS or Google Play apps, OKX will further expand its offering locally.
“Singapore is a priority market”
Hong Fang, President at OKX, said: “As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally. Singapore is a priority market and we’ve been investing here for some time. The in-principle approval from 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 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.”
Mauricio Beugelmans, Chief Legal Officer at OKX, said: “Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the Monetary Authority of Singapore’s world-leading framework, which aims to safeguard consumers by upholding market integrity and security. We look forward to serving users in Singapore while being a responsible and enthusiastic participant in the country’s growing crypto industry.”
In line with its dedication to transparency, OKX was among the first in the crypto industry to publish monthly Proof of Reserves to validate its full backing of user funds held on the platform. Using open-source verification tools, users can independently confirm that their assets are backed by OKX reserves. Since launching Proof of Reserves in late 2022, OKX has published 16 consecutive monthly snapshots while driving the industry’s adoption of new and improved reporting standards.
Upbit secured MPI license in January
Earlier this year, Upbit secured a full MPI license after obtaining an earlier in-principle approval (IPA) in October 2023. Upbit Singapore aims to be a focal point for institutional activities, leveraging Singapore’s robust regulatory framework and its standing as a prominent financial center in Asia. Upbit Singapore joins the portfolio of regulated digital asset businesses operating in Singapore, Indonesia, and Thailand.
In December, CCData Exchange published a report noting that centralized exchanges experienced their highest combined spot and derivatives trading volume since March 2023. The document reveals that both OKX and Upbit achieved all-time high trading volumes, with combined spot and derivatives volumes rising to $731 billion and $431 billion, respectively. Their market shares increased to 20.2% and 11.9%.
Last week, Currencycloud was also pre-approved for an MPI license, which would allow the FX firm to offer comprehensive intra-regional and international financial services to businesses in Singapore. Asia Pacific customers would have the capability to manage multiple currencies for collection, conversion, holding, sending, and spending across 180 countries and territories. Currencycloud’s platform offers a suite of APIs that allow businesses to integrate various financial services, including currency exchange, international collections, and global payments, seamlessly into their operations.
