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Crypto company OKX has appointed former Monetary Authority of Singapore (MAS) regulator Gracie Lin as the CEO of its Singapore division.
According to the official announcement, the OKX Singapore entity has also obtained the complete major payment institution (MPI) license from the MAS. OKX SG received in-principle approval for an MPI license from the regulator in March.
With these developments, OKX intends to improve its product offerings for Singaporean customers in accordance with local regulations.
“The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore.”
The MPI license will enable OKX SG to provide unlimited payment services. This encompasses services related to digital payment tokens and cross-border transactions, including spot trading of cryptocurrencies.
Moreover, Lim’s appointment brings “the right leadership on the ground,” given her extensive regulatory experience.
Lim worked at the MAS from 2005 to 2015, attaining the position of deputy director and head of money markets. She also held the role of vice president for business management at GIC.
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Most recently, Lim led strategy and economics at Southeast Asia’s largest ride-hailing platform – Grab. In March, Grab incorporated the option to top up their GrabPay e-wallets using cryptocurrencies in collaboration with payment provider Triple-A.
“Gracie is an exceptional leader with extensive and pertinent experience in public policy, investment management, capital markets, and tech startups,” OKX stated. “We’re fortunate to have her at the helm, steering our growth and investment in the market.”
OKX’s Strong Presence in Asia Pacific, Europe
The exchange has recently broadened its services, especially in the Asia-Pacific region and Europe. For example, OKX officially commenced its operations in Australia in May, allowing spot trading for all Australian users and derivatives trading for verified wholesale clients in Australia.
In June, the platform also launched a crypto trading platform alongside a Web3 wallet in the Netherlands.
Additionally, OKX has selected Malta as its center for Markets in Crypto-Assets (MiCA) compliance within the European Union, as Malta is known for its high regulatory standards and progressive stance on blockchain technology and cryptocurrencies.
However, the crypto exchange has withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, halting its services there. Nevertheless, OKX did not provide any specific reason for its withdrawal.
The post Former MAS Regulator to Head Crypto Exchange OKX’s Singapore Unit appeared first on Cryptonews.
