OKX has reportedly secured an in-principle approval for a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
OKX claims that it is “among the most trusted crypto platforms in the world.”
OKX‘s management notes that millions of customers feel safe accessing and “interacting with the crypto markets through their platform.”
An important part of their global strategy is “to identify key markets, build locally, and make long-term investments.”
As they build technology globally to empower the future, they’re continually appreciative of the opportunities to be part of local communities.
As an applicant, they’ve been providing their products and services in Singapore “for a few years now under the Payment Services (Exemption for Specified Period) Regulations 2019. With the in-principle approval from MAS, we look forward to providing more access and opportunities to our customers.”
Singapore has always been “a priority country for them as part of our global strategy.”
As a regional financial and technology hub, Singapore aims to “attract forward thinkers, entrepreneurs, and innovators who are open to venturing into the new.”
It’s a market of early adopters who “are well-versed in technology.
There is a notable track record of tech and fintech startups “establishing their presence in Singapore, building powerful products, and developing a strong brand.”
They’re excited about the opportunity “to join the league and build for, and with, the local community in Singapore.”
Singapore’s clear and thoughtful regulatory framework “helps protect customers, provides clear guardrails to a new innovation-driven industry, and empowers entrepreneurs to build better for the long-term. Regulatory compliance is at the core of our global strategy and we’re committed to continue our transparent engagement with MAS to ensure responsible innovation.”
Importantly, Singapore also is said to have “a world-class talent pool that has both local insights and global perspectives.”
With the in-principle approval from MAS, OKX says it will “focus on the spot product first, expanding our offering as we build.”
Their local team will also “be working intensely to bring local banking connections to our customers as soon as possible, setting the stage to build a more tailored and enhanced suite of products over time for the market.”
OKX says it has been doing its part “to foster the local Web3 community in Singapore and have invested in a local incubator to support builders to lead with innovation.”‘
They’ve been a main-stage sponsor for Token2049 for two years in a row.
According to OKX, the in-principle apparoval from MAS is “a validation of our business strategy, and also an exciting opportunity for them to continue as a responsible stakeholder in this country.”