OKX SG, the Singapore subsidiary of global crypto exchange and Web3 technology company OKX, has received in-principle approval for a Major Payment Institution License (MPI) in Singapore.
The licence issued by the regulator, the Monetary Authority of Singapore (MAS), allows it to provide digital payment tokens and cross-border money transfer services in the city-state.
The company looks to build a locally tailored suite of products and services.
Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’
OKX is currently available for users in Singapore via the web or the iOS or Google Play apps.
“Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the MAS’s world-leading framework, which aims to safeguard consumers by upholding market integrity and security,” Chief Legal Officer Mauricio Beugelmans said.
Founded in 2017, OKX is a cryptocurrency exchange providing spot, margin, expiry, options, perpetual futures trading, DeFi, lending, and mining services to more than 50 million global users. In addition to the DeFi exchange, it also offers OKX Wallet, which allows people to explore NFTs and metaverse while trading GameFi and DeFi tokens.
Also Read: OKX Ventures backs Web3 interoperability infra firm Polyhedra
OKX also runs a venture capital arm OKX Ventures, which recently led an investment round in BeWater, a Web3 venture studio and global developer platform that facilitates the development of open-innovation campaigns and events, including hackathons.
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