OKX will be able to offer more than one payment service and surpass. The transaction volume restrictions imposed by Singapore’s financial regulation thanks to the Major Payment Institution license.
The financial watchdog in Singapore has granted the cryptocurrency exchange OKX preliminary approval to get a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.
OKX indicated that it has already received the license’s in-principle approval.The primary financial regulator of Singapore. The Monetary Authority of Singapore (MAS), is responsible for issuing the MPI license. OKX will be able to offer cross-border transfers and digital payment token services within the nation after. It has obtained the complete license from MAS.
According to OKX president Hong Fang, Singapore has always been a top focus for the exchange in terms of its worldwide strategy. Entrepreneurs exploring new markets are drawn to Singapore. Clarified the CEO.There are a lot of tech-savvy early adopters in this sector. The legal system in the nation, according to Fang, is “clear and thoughtful,” enabling companies to “build better for the long-term.”
Highlighting Spot Products in Singapore
Fang added that the company would concentrate on its spot product in Singapore with the new milestone. The executive stated that OKX will continue to grow its product line and strive to provide its clients with local banking relationships.
The in-principle approval for a payment institution license in Singapore enables OKX to process multiple payment services without facing the usual volume restrictions. This allows them to potentially exceed the monthly cap of $4.4 million for multiple services and $2.2 million for each service individually.
After acquiring a conditional license from Dubai’s crypto regulator, OKX received the in-principle license approval. OKX received a license on January 16 from Dubai’s Virtual Assets Regulatory Authority. Which permits it to deliver regulated services to virtual asset service providers in the area.
In addition to granting in-principle clearance to OKX, MAS also granted such clearance to BitGo, a cryptocurrency custody company. On January 10, BitGo announced that, pending the satisfaction of additional standards set by the authority. It has also received the green light.
Several cryptocurrency companies, such as Ripple, Coinbase, and Crypto.com, have secured full payment institution licenses in Singapore. Crypto.com obtained their MPI license in June 2023 upon fulfilling the regulatory standards. Coinbase obtained the license on October 2, 2023, and Ripple received official approval on October 4, 2023
