SINGAPORE - The Singapore branch of crypto exchange OKX has received a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS).
This comes after the local entity received an in-principle approval for an MPI licence from the MAS in February, said the company on Sept 2.
The licence will allow OKX Singapore to offer digital payment token and cross-border money transfer services, including spot trading of cryptocurrencies for customers in Singapore.
Ms Gracie Lin, former managing director of Grab’s regional strategy and economics team, has been appointed the chief executive of OKX Singapore.
Ms Lin has nearly two decades of experience across the financial, public and technology sectors.
Prior to joining Grab, she was the vice-president of business management at sovereign wealth fund GIC and deputy director of MAS’ money markets department.
Ms Lin will focus on compliance and product enhancements initially, she said in an interview with Bloomberg News.
“We’re going to have more tokens,” 42-year-old Ms Lin said, adding that the company is seeking the central bank’s approval to enlarge a list of more than 50 tokens that are currently available for trading on the platform.
OKX will also offer on-and-off-ramp services between the Singapore dollar and cryptocurrencies through its platform, she said.
With the approval of its MPI licence, OKX joins the ranks of the few licensed crypto exchanges here including Independent Reserve and Coinhako.
The company is one of the crypto sector’s largest global players, having eaten into market leader Binance’s share of Bitcoin trading outside the United States over the past year alongside Bybit, another digital asset exchange.
OKX has several hundred people based in Singapore focused on areas including product engineering, legal, compliance and human resources, Ms Lin said.
In the Asia-Pacific region, OKX also holds a licence in Australia to offer derivatives trading services via a local entity.
Singapore is a world-class digital asset hub and an important market for OKX, said Ms Lin.
“The MPI licence is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers and contributing to the community and ecosystem,” she added.
THE BUSINESS TIMES, BLOOMBERG
