OKX announced today that its subsidiary in Singapore, OKX SG Pte. Ltd., has received provisional approval for a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).
This significant milestone establishes the foundation for OKX’s development, allowing the company to offer digital payment tokens and cross-border remittance services in Singapore under the Payment Services Act of 2019. OKX will now be able to provide a range of more powerful and tailored products and services to local users.
Currently, OKX serves Singapore users through its website and iOS or Google Play applications.
Hong Fang, CEO of OKX, stated:
“We are delighted to receive the provisional approval from MAS for the MPI license. This marks an important step towards our mission of providing a secure and regulated trading environment for our users. We will continue to work closely with MAS to ensure compliance with regulatory requirements and support the growth of the digital asset industry in Singapore.”
Mauricio Beugelmans, Chief Legal Officer of OKX, added:
“OKX has always been committed to transparency and was one of the first companies in the virtual asset industry to publish monthly Proof of Reserve reports, providing comprehensive support for the user assets held on the platform. Users can also independently verify their assets’ support from OKX reserves using open-source verification tools. Since its launch at the end of 2022, OKX has released 16 consecutive months of Proof of Reserve reports and actively promoted the adoption of innovative and continuously improved reporting standards in the industry.”
About OKX:
OKX is a leading global Web3 technology company and virtual asset exchange. It has developed a virtual asset application that combines speed and reliability, making it popular among over 50 million investors and professional traders worldwide.
OKX collaborates closely with Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, and F1 driver Daniel Ricciardo to enhance fan experiences through new interactive methods. Additionally, OKX is a premium partner of the Tribeca Festival, aiming to attract more creators to the Web3 space.
In addition to its exchange services, OKX recently launched the OKX Web3 Wallet service, which provides users with access to GameFi and DeFi tokens, allowing them to explore the NFT and metaverse domains.
OKX is committed to transparency and security and releases its Proof of Reserve report every month.
For more information about OKX, please download our application or visit okx.com.
Disclaimer:
This article is a sponsored content provided by OKX and does not represent the views of OKX or constitute investment advice, purchase or sale recommendations. Please refer to the responsibility warning at the end of the article for more details.