Global cryptocurrency exchange OKX announced that its Singapore-based subsidiary OKX SG has been granted a full major payment institution license by the Monetary Authority of Singapore. It has also appointed former MAS executive Gracie Lin as CEO of the regional branch.
OKX SG said in a press release that the license will allow it to offer digital payment tokens and cross-border funds transfer services (including spot cryptocurrency trading) to Singapore investors.
According to OKX, Lin, who was previously at MAS, state property fund GIC, and ride-hailing giant Grab, plans to focus on developing cryptocurrency products and services that meet the needs of Singapore investors.
OKX received an “in-principle” MPI license in Singapore in March this year, with its president Hong Fang saying at the time that Singapore was a “priority market” for digital asset exchanges.
OKX, one of the world’s largest cryptocurrency exchanges, processed $67 billion worth of cryptocurrencies in August, while its main competitor Binance reported monthly trading volumes of $448.45 billion. Data from The Block.
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About the Author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He was previously a reporter at Forkast.News, where he actively covered the downfalls of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor of Arts in Journalism and Business Marketing from the University of Hong Kong.