- OKX SG’s MPI license from MAS allows extended digital payment and cross-border services.
- Gracie Lin’s proposal as CEO marks a significant leadership shift to improve local operations.
As a seasoned crypto investor with years of experience navigating the volatile digital asset landscape, I can confidently say that OKX SG’s acquisition of the MPI license and the appointment of Gracie Lin as CEO mark significant steps forward for both OKX and Singapore’s burgeoning crypto ecosystem.
OKX SG, the Singaporean branch of cryptocurrency exchange OKX, has achieved a significant milestone by being granted a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Additionally, it was announced on September 2 that Gracie Lin, a former MAS regulator, will serve as the company’s CEO.
OKX Expands Singapore Presence with New CEO
In Singapore, the MPI license is highly desired because it enables financial institutions to carry out an unlimited number of transactions on a daily or monthly basis without constraints. To qualify, companies must meet certain requirements: they must be physically based in Singapore, maintain a permanent business location with proper record-keeping, possess a minimum capital base of SGD 250,000, and have at least one director who is a Singaporean citizen.
Multiple well-known cryptocurrency firms, such as Coinbase, BitGo, and Ripple, have obtained MPI licenses in Singapore, similar to OKX SG who received full licensing after receiving preliminary approval from the Monetary Authority of Singapore (MAS) in February 2024.
Gracie Lin underscored the crucial part Singapore plays in being a global center for digital assets and its relevance to OKX’s growth plan. With her extensive background at MAS, GIC, and Grab, Lin aims to prioritize creating cryptocurrency products and services tailored for investors in Singapore.
Hong, as the President of OKX, underscored their commitment to pioneering responsibly and conveyed appreciation for attaining these milestones in Singapore.
In Q2, OKX continued expanding its impact, maintaining its rank as the fifth-largest centralized cryptocurrency exchange by trading volume, with over $257 billion traded. Notably, it has partnered with the Aptos Foundation to foster growth within the ecosystem.
OKX’s decision to adopt the MPI license and hire Lin is seen as strategic steps, reflecting their alignment with Singapore’s leading position in cryptocurrency adoption. The country has recently been ranked first in a Henley & Partners assessment because of its attractive financial, business, and legal environment for cryptocurrency.
A new report reveals that Singapore is at the forefront of cryptocurrency usage, with nearly six out of ten surveyed individuals owning digital currencies. The nation’s proactive regulatory framework has been instrumental in drawing significant crypto businesses, thereby reinforcing its role as a key player in the global digital asset market.
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2024-09-07 17:04