OKX Granted Provisional Approval for Major Payment Institution License (MPI) by the Monetary Authority of Singapore

OKX Granted Provisional Approval for Major Payment Institution License (MPI) by the Monetary Authority of Singapore

OKX Granted Provisional Approval for Major Payment Institution License (MPI) by the Monetary Authority of Singapore

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

This significant milestone establishes the foundation for OKX’s development, allowing the company to provide digital payment token and cross-border remittance services in Singapore under the 2019 Payment Services Act (PS Act), and to build a range of more powerful and tailored products and services for local users.

Currently, OKX offers services to Singapore users through its website, as well as iOS and Google Play applications.

Hong Fang, CEO of OKX, stated:
“We are delighted to have received the provisional approval for the Major Payment Institution License from MAS. This is a testament to our commitment to compliance and establishing a strong foothold in Singapore. We look forward to providing our Singapore users with a seamless and secure platform for their digital asset trading and payment needs.”

Mauricio Beugelmans, Chief Legal Officer of OKX, stated:
“Transparency has always been a core value at OKX, and we are proud to be one of the first companies in the virtual asset industry to publish monthly Proof of Reserves reports, providing comprehensive support for the assets held on our platform. Users can also independently verify their assets’ support by utilizing open-source verification tools. Since its launch at the end of 2022, OKX has consistently released 16 months of Proof of Reserves reports, actively driving the adoption of innovative and continuously improving reporting standards in the industry.”

About OKX
OKX is a leading virtual asset exchange and Web3 ecosystem. It has developed a virtual asset application that combines speed and reliability, attracting over 50 million global investors and professional traders.

OKX has formed close partnerships with the English Premier League champion Manchester City Football Club, McLaren F1 Team, Olympic snowboarder Scotty James, and F1 driver Daniel Ricciardo, aiming to enhance fan experiences through new interactive methods. Additionally, OKX is a premier partner of the Tribeca Festival, dedicated to attracting more creators to the Web3 field.

In addition to its exchange services, OKX recently launched the OKX Web3 Wallet service, providing users with access to GameFi and DeFi tokens, allowing them to explore the NFT and metaverse domains. OKX is committed to enhancing transparency and security and releases its Proof of Reserves report every month.

Register with OKX now.

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