OKX receives approval in principle from the Monetary Authority of Singapore for a Large Payment Institution (MPI) license
The worlds leading Web3 technology company and virtual asset exchangeOKXIt was announced today that its Singapore subsidiary OKX SG Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore (MAS) to issue a Large Payment Institution License (MPI).
This important milestone lays the foundation for OKXs development, allowing OKX to provide digital payment tokens and cross-border remittance services in Singapore in accordance with the Payment Services Act 2019 (PS Act), building a series of more powerful and tailored solutions for local users. product and service.
OKX currently provides services to users in Singapore via the web and iOS or Google Play apps.
OKX President Hong Fang said: We are working hard to build the future with technology development globally and are encouraged by the local opportunities provided by multiple markets. Singapore is a key market for us and we have invested here for some time. MAS The in-principle approval not only confirms our ongoing commitment to this market, but also gives us a good opportunity to continue to contribute to the responsible development of Singapore’s virtual asset ecosystem. By combining our global resources and the local market knowledge and expertise, we intend to be engaged for the long term, bringing transparency and access to our clients 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 localization and centralized financial business strategy. 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 users in Singapore while enthusiastically and responsibly becoming a participant in the country’s growing virtual asset industry.”
OKX is committed to transparency and was the first in the virtual asset industry to publish monthlyReserve CertificateOne of the reporting companies, thereby verifying that user assets held by the platform are fully supported and guaranteed. Users can also leverage open source verification tools to independently verify that their assets are backed by OKX reserves. Since its launch in late 2022, OKX has published 16 consecutive months of proof of reserves reporting and is actively driving the industry to adopt innovative and evolving reporting standards.
For more details, please contact:Media@okx.com
About OKX
OKX is the industrys leading virtual asset exchange and Web3 ecosystem. OKX develops virtual asset applications that combine speed and reliability and are favored by more than 50 million investors and professional traders around the world.
OKX works closely with English Premier League champions Manchester City FC, McLaren F 1 Team, Olympic snowboarder Scotty James and F 1 driver Daniel Ricciardo, hoping to use the new interactive methods to enhance fan experience. In addition, OKX is also a top partner of the Tribeca Film Festival and is committed to attracting more creators to enter the Web3 field.
In addition to exchange services, OKX recently launched the OKX Web3 wallet service, which provides users with an entrance to trading GameFi and DeFi tokens, and allows them to explore the fields of NFT and the Metaverse.
OKX is committed to transparency and security and publishes itsReserve Certification Report。
To learn more about OKX, download our app or visit:okx.com
