Crypto exchange OKX’s Singapore entity, OKX SG, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) and appointed former regulator Gracie Lin as CEO, according to a September 2 announcement.
The MPI license is highly sought after in Singapore as it allows businesses to operate without daily or monthly transaction limits.
To qualify, companies must be registered in Singapore, have a permanent place of business with administration, have a minimum capital base of $250,000 and have at least one director who is a resident or citizen of Singapore.
In particular sAll crypto companies, including Coinbase, BitGo and Ripple, have done so secured MPI licenses in Singapore.
Meanwhile, this full license comes approximately seven months after OKX SG received in-principle approval for the MPI license from MAS in February 2024.
‘Core market’
Gracie Lin, CEO of OKX SG, highlighted Singapore’s significance as a global hub for digital assets and its importance to the exchange. According to her, crypto is the next frontier of innovation and Singapore plays an important role in adoption.
She stated that obtaining the license is an important milestone in OKX’s efforts to contribute to the local community and ecosystem.
The exchange added:
“The MPI license approval and Lin’s appointment mark important milestones for OKX Singaporea core market for OKX’s global development strategy.”
To achieve these goals, Lin brings extensive experience from her roles at MAS, sovereign wealth fund GIC and taxi company Grab. Her focus will be on developing crypto products and services tailored to Singaporean investors.
Meanwhile, OKX’s views on Singapore are not surprising as the country ranked first in a recent Henley & Partners survey on cryptocurrency adoption.
Singapore’s leadership in crypto adoption is attributed to its favorable financial, business and regulatory environment, with strong performance across economic and technological drivers.