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Singapore Welcomes OKX’s Latest Milestone: MPI License and New Leadership

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In a strategic step in its wider expansion, global crypto exchange OKX announced that its Singapore entity, OKX SG Pte. Ltd., has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). With this, OKX SG is able to provide digital payment tokens dealing and cross-border money service, which includes cryptocurrency spot trading for local customers.

Significance of the MPI License for OKX

The MPI license, granted under the Payment Services Act 2019, has been a major move for the exchange. Through this, the company can improve its services in a digital asset lagging behind the rest of the world. To lead the local branch, OKX has made Gracie Lin the CEO of OKX SG.

Lin is perfect for this role as she has a vast knowledge in the financial and technological sectors. She had previously worked for Grab, MAS, and the sovereign wealth fund GIC. Lin, an alumnus of the University of Chicago and Yale University, adds yet another 20 years experience to her new position.

Lin, in her statement, emphasized the role of Singapore in the exchange’s global strategy as she described the city-state as a digital asset nexus in a crucial position. She was very eager to take charge of the local team and pointed out that the MPI license is a vital step for the exchange’s mission to widen access to digital assets and to be a part of the Singapore financial ecosystem.

Lin’s appointment and the acquisition of the MPI license follow an in-principle approval which was granted in February 2024. This approval illustrates OKX SG’s determination to establish a solid presence in Singapore with the help of a team of experts who will be responsible for providing creative financial solutions.

For over a decade, the exchange has been in existence and has continued to broaden its geographical reach. The latest milestone further highlights the company’s commitment to innovative progress and growth on the responsible side, where advancement comes hand in hand with protection of the customers.

However, as OKX SG enters this new phase, it is aiming to play an important role and with Lin taking charge, the company is quite determined to make its mark in the market.

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OKX Gains Key Approval In Singapore’s Crypto Hub

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Lately, the crypto industry has achieved a lot in terms of regulatory compliance. Recently, OKX, which is the second largest offshore cryptocurrency exchange, obtained an in-principle approval from Singapore’s financial regulator for a Major Payment Institution (MPI) license through their local subsidiary OKX SG.

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OKX Gains Key Approval In Singapore's Crypto Hub 2

As per the press release, this significant step enables the exchange to deliver digital payment tokens and cross-border remittance services in Singapore under the PS Act. Thus, it paves the way for the development of customized products and services for its consumers within Singapore. For now, users in Singapore can access OKX through the web or iOS and Google Play apps. However after obtaining a full MPI license from the Monetary Authority of Singapore (MAS), the platform will be able to offer a broader range of services.

OKX President Hong Fang 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.

Moreover, the exchange has a strategy for centralized finance (CeFi), which is based on regulatory compliance. According to Mauricio Beugelmans, the Chief Legal Officer of OKX, MAS has the best guidelines in the world since they are meant to protect consumers and ensure fairness in the market as well as keep it secure. He also said that OKX was keen on serving clients in Singapore and participating actively in the continually expanding crypto space of that country.

OKX’s Global Regulatory Compliance

This news comes on the heels of OKX receiving a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in January 2024 for VA Exchange Services. Notably, the VASP license will allow OKX Middle East to offer regulated virtual asset exchange services, including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs.

Furthermore, the latest approval from Singapore’s financial watchdog is a significant milestone, as a recent report from Coinbase revealed that over half of finance-savvy Singaporeans own crypto, with staking emerging as the top use case. This presents an opportunity for regulated platforms like OKX to enable compliant participation in this growing trend through features emphasizing security, consumer protections, and compliance.

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BitGo Secures Key License In Crypto-Hub Singapore: Report

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BitGo, a prominent player with a decade-long presence in the cryptocurrency custody arena, has secured in-principle approval from Singapore’s top financial regulator for a Major Payment Institution (MPI) license. This regulatory milestone, once fully granted, will empower BitGo Singapore Pte. Ltd., the company’s local subsidiary, to offer regulated digital payment token services within the jurisdiction.

Singapore has witnessed over a dozen entities, including industry giants like Coinbase, Crypto.com, and Ripple, obtaining full MPI licenses. The country seeks to strike a delicate balance between fostering innovation and ensuring protective regulations, aiming to promote technology while minimizing speculative risks.

In a statement released today, the company expressed its strategic view of Singapore as a pivotal hub for crypto innovation. The company emphasized that operating a crypto brokerage in the country positions it as a leading provider of digital asset services for institutional finance across the Asia-Pacific (APAC) region. 

Currently offering digital asset wallet and custody solutions in Singapore, BitGo plans to expand its services to enable clients to buy and sell crypto using its cold storage custody solution housed within a class III vault upon receiving the full license.

Hobeng Lim, managing director of APAC for BitGo, highlighted the Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework as well as Singapore’s status as a financial center and business gateway to APAC as key factors driving BitGo’s commitment to establish Singapore as its regional headquarters.

BitGo Becomes First Custodian To Support Coreum Ecosystem

Meanwhile, in another layer of excitement, the company has become the inaugural custodian to support the Coreum Ecosystem. Coreum, a layer-1 blockchain designed to cater to enterprises of varying sizes, has entered into a partnership with BitGo. This collaboration is anticipated to accelerate Coreum’s network expansion by providing a secure gateway to its advanced technology for established institutions globally.

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Coreum’s developer-centric approach and infrastructure are engineered for the rapid deployment of decentralized applications, ensuring optimal performance and adaptability to diverse enterprise needs. 

By integrating BitGo’s custody services, Coreum adds an extra layer of security, connecting with a robust network of institutions to facilitate the broader adoption of blockchain technology in various sectors. Coreum’s technology offers novel solutions, including custom payments, rewards programs, tokenization of equity and securities, and peer-to-peer insurance products, shaping the future of programmable blockchain assets.

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