NEWSROOM

Leading cryptocurrency exchange and Web3 technology company OKX announced today that its subsidiary in Singapore, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License.

This significant milestone enables OKX to offer digital payment token and cross-border money transfer services in Singapore under the 2019 Payment Services Act (PS Act), laying the groundwork for the company to create an advanced, locally adapted product and service package for its users.

Users in Singapore can currently access OKX via the web or through iOS or Google Play applications.

OKX President Hong Fang commented on this important development, stating, 'As we develop technologies on a global scale to shape the future, taking advantage of opportunities to develop technologies on a local scale has always been a source of pride for us. Singapore is a priority market, and we have been investing here for some time. The in-principle approval from MAS is not only a testament to our commitment thus far but also presents an exciting opportunity to continue our contributions to the Singaporean crypto ecosystem as a responsible participant. By combining our global resources with our local knowledge and expertise, we aim to be a long-term participant by offering access and full transparency to our users, showcasing best practices in both regulated and innovation-focused sectors.'

OKX's Legal Director Haider Rafique also shared his thoughts: 'Regulatory compliance is at the heart of the CeFi business strategy we've built locally, and we support the Monetary Authority of Singapore’s world-leading regulations aimed at preserving market integrity and protecting consumers. As a responsible and willing participant in the country's growing crypto industry, we look forward to serving users in Singapore.'

Furthermore, in keeping with its commitment to transparency, OKX has been one of the first companies in the industry to publish monthly Proof of Reserves reports, demonstrating that it holds full reserves for user assets on the platform. Users can independently verify that their assets are held 1:1 in OKX's reserves using open-source verification tools. Since launching its Proof of Reserve program at the end of 2022, OKX has published reports for 16 consecutive months, leading the adoption of a new and improved reporting standard in the industry.