OKX has announced that it has obtained the Major Payment Institution (MPI) license in Singapore directly from the Monetary Authority of Singapore (MAS). The crypto-exchange has also appointed the new CEO for OKX SG in Gracie Lin.
OKX Singapore: new license and new CEO to become a global crypto hub
OKX has announced that it has obtained the Major Payment Institution (MPI) license directly from the Monetary Authority of Singapore (MAS).
Not only that, to pursue its goal of becoming a global crypto hub, the crypto-exchange has also appointed the new CEO for OKX SG in Gracie Lin.
We’re taking crypto to the heart of financial markets and mainstream adoption: Singapore
We’ve received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.
To lead our charter in… pic.twitter.com/33y3fXM4S4
— OKX (@okx) September 2, 2024
“We bring cryptography into the heart of financial markets and mainstream adoption: Singapore, We have received the Major Payment Institution (MPI) license from MAS, which allows us to offer digital payment tokens and cross-border money transfer services. To lead our project in Singapore as a global hub of digital assets, we have appointed Gracie Lin CEO of OKX SG. To learn more about our innovation plans”
Thanks to the new license, OKX Singapore will be able to offer digital payment tokens and cross-border money transfer services.
This is a true milestone for the crypto-exchange in the field of regulation. In fact, the MPI license will allow OKX to exceed the volume limits set for payment institutions.
Specifically, OKX SG is authorized to exceed the volume limit of 3 million SG$ (2.2 million dollars) for a payment service, as well as the monthly limit of 6 million SG$ (4.4 million dollars) for two or more payment services.
OKX Singapore: who is the new CEO Grace Lin?
In addition to the new license, OKX Singapore has also appointed its new CEO Grace Lin.
In a post, Lin announced that he was born and raised in Singapore and has always wanted to make a difference for his country.
After having held various roles at MAS, GIC, and Grab, the new CEO of OKX SG now sees this new role as a true springboard.
Here are Lin’s words:
“I am excited to announce that I have joined OKX Singapore as CEO. I accepted this challenge because I believe that cryptocurrency represents the next frontier of innovation and Singapore plays a significant role in its adoption. I am confident that we can connect Singapore customers with the onchain world in a secure and seamless manner.”
The choice of Malta instead of France as a European crypto hub
And if Singapore is the country on which to develop a global crypto hub, OKX has instead chosen Malta as the base for the European one.
Recently, in fact, the crypto-exchange reportedly stated that it has chosen Malta to comply with the EU crypto regulation, under the MiCA framework (Markets in Crypto-Assets).
This decision was for the platform a reversal of trend compared to what was previously announced, when in May 2023, OKX had indicated France.