Crypto exchange, OKX, has received full licensing in Singapore, giving it the green light to facilitate crypto trading and handle cross-border transactions. Alongside this milestone, the company appointed a former regulator as the CEO of its Singapore division.
On Sept. 2, OKX shared that the Monetary Authority of Singapore (MAS) had granted them a major payment institution (MPI) license. Specifically, this license permits OKX to provide cross-border money transfers and digital payment token services.
With the MPI license, OKX can now surpass the volume limits typically set for payment institutions. licensed companies like OKX can surpass the 3 million Singaporean dollars ($2.2 million) cap for individual payment services. Furthermore, OKX will be allowed to exceed the monthly cap of 6 million SG$ ($4.4 million) when offering multiple payment services.
Gracie Lin joins OKX as CEO
Along with securing the license, OKX Singapore just revealed that they’ve hired Gracie Lin as their new CEO. Lin, who has a background with the MAS in various roles, will lead the company as they expand their presence. Additionally, Lin highlighted in a statement that Singapore plays a significant role in the exchange’s global strategy, given its status as a major digital asset hub.
Lin explains that with the new MPI license, the company can now provide digital payment tokens and cross-border money transfers, including spot trading of cryptocurrencies in Singapore.
Singapore dominates global crypto adoption
A study by the investment migration consultancy Henley & Partners has found that Singapore leads the world in crypto adoption. Specifically, the research evaluated various regions based on how well they support cryptocurrency through their infrastructure, regulations, economic conditions, and tax policies.
Singapore topped the charts with an impressive 45.7 out of 60 points. The study attributes its leading position in cryptocurrency adoption to its strong financial, business, and regulatory environment. Hong Kong, a special administrative region of China, came in second place, with the United Arab Emirates following closely behind. Both scored highly for their tax-friendly policies.
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