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Crypto exchange OKX announced on Wednesday that it has received in-principle approval for a digital asset license from Singapore’s central bank. This represents a crucial advancement towards achieving complete regulatory compliance within the nation.
In-principle approval generally indicates that financial institutions have been conditionally selected to meet certain requirements within a designated timeframe.
The subsequent step involves securing approval for a Major Payment Institution License, which would permit the unrestricted delivery of payment services, including digital payment token services and cross-border transfers, without limitations on transaction volumes.
We’re pleased to share that OKX SG has received in-principle approval for an MPI License from the MAS
Our President @hfangca elaborates on how this underscores our dedication to and investment in the Singapore crypto ecosystem
https://t.co/37N9uUmm7x pic.twitter.com/MzQA3nMIM1
— OKX (@okx) March 13, 2024
https://t.co/37N9uUmm7x pic.twitter.com/MzQA3nMIM1At present, 18 entities, including Blockchain.com, Circle, and Coinbase, have secured this full license in Singapore.
OKX Receives Preliminary Approval Amid Crypto Market Recovery
The preliminary approval comes as the crypto market experiences a notable resurgence, highlighted by Bitcoin achieving a new all-time high exceeding $72,000 on Monday.
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“Singapore is a key market and we’ve been investing here for a considerable period,” OKX President Hong Fang stated. “The in-principle approval from MAS not only validates our commitment thus far but also presents an exciting opportunity for us to continue as a responsible participant in the Singapore crypto ecosystem.”
OKX is available to users in Singapore via its website, as well as through iOS or Google Play applications.
Recent Developments
The exchange revealed intentions to broaden wallet services in India last year, aiming to connect with the developer community despite regulatory challenges.
In January, OKX received regulatory approval from Dubai’s financial authorities to offer retail virtual asset services. The exchange is currently awaiting operational approval to launch various services in the city, thereby strengthening its presence in the Middle East.
More recently, it introduced OKX TR, a crypto exchange tailored specifically for users in Turkey.
Additionally, OKX has recently discontinued its Mining Pool and associated services due to business realignments.
The post Crypto Exchange OKX Granted In-Principle Approval to Offer Services in Singapore appeared first on Cryptonews.
