OKX, a leading global Web3 technology company and virtual asset exchange, announced today that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Large Payment Institution (MPI) license.
This important milestone lays the foundation for OKX to provide digital payment tokens and cross-border remittance services in Singapore under the Payment Services Act 2019 (PS Act), building a more robust and tailored range of products and services for local users.
OKX currently provides services to Singapore users via the website and iOS or Google Play applications.
OKX President Hong Fang said, "We are working hard to build the future with technology development around the world and are encouraged by the local opportunities offered by multiple markets. Singapore is a key market for us and we have been investing here for quite some time. The MAS's in-principle approval not only confirms our ongoing commitment to this market, but also gives us a great opportunity to continue to contribute to the responsible development of Singapore's virtual asset ecosystem. By combining our global resources with local market knowledge and expertise, we intend to make a long-term commitment to bring transparency and access to our customers while adhering to industry best practices in terms of regulation and innovation."
Mauricio Beugelmans, Chief Legal Officer of OKX, said: "Compliance is a core part of our strategy to build our local presence and focus on the financial business. We support the Monetary Authority of Singapore's world-leading regulatory framework to protect consumers by maintaining market integrity and security. We look forward to serving our users in Singapore while becoming an enthusiastic and responsible participant in the country's growing virtual asset industry."
OKX is committed to transparency and is one of the first companies in the crypto asset industry to publish monthly proof of reserve reports, thereby verifying that user assets held on the platform are fully backed. Users can also use open source verification tools to independently verify that their assets are backed by OKX reserves. Since its launch at the end of 2022, OKX has published 16 consecutive months of proof of reserve reports and actively promotes the industry to adopt innovative and constantly improving reporting standards.
Author: web3 project dynamics