OKX Singapore secures full MPI license and appoints former MAS official as new CEO
The Monetary Authority of Singapore (MAS) has granted a major payment institution (MPI) license to the cryptocurrency exchange OKX's Singapore subsidiary. This comes after the MAS granted the local entity an MPI license in principle in February, the company announced on September 2.
Per the statement, global cryptocurrency exchange OKX said that “We've announced two significant developments in Singapore today. Our ongoing dedication to building responsibly in the Lion City is demonstrated by these two developments.
First off, we are happy to announce that we have now obtained approval for an MPI license from the Monetary Authority of Singapore (MAS), having previously received in-principle approval for a license in February.”
Obtaining an MPI license is a significant step in our long-term commitment to Singapore, a key market in our global strategy, the post added.
Secondly, we are thrilled to announce Gracie Lin as our CEO for OKX Singapore. Hiring and empowering the best local leaders is our philosophy and method. We remain responsible, reachable, and pertinent to our local clients when we have the proper leadership in place. Gracie is a remarkable leader with extensive and relevant background in capital markets, tech startups, investment management, and public policy.
Alongside these achievements, we're putting a lot of effort into improving our product lineup for Singaporean clients in compliance with local laws. We have active buy, sell, and convert trading. After we receive our MPI license, the first product upgrade that we anticipate is seamless connectivity to local bank accounts, which will make it simple for our customers in Singapore to easily deposit and withdraw money.
We seriously committed to global regulators that continue to build OKX as a highly compliant crypto company. More than 10% of our employees are professional lawyers and compliance managers. At the same time, we also focus on innovations. We will keep to launch amazing products to… https://t.co/ExKn57LaOx
— Star (@star_okx) September 2, 2024
Founder and CEO of OKX Star Xu said in a post on X that we are proud of the team's accomplishment in receiving MAS approval for the OKX Singapore Major Payment Institution (MPI) license, which allows us to provide users in the country with cross-border money transfers and digital payment tokens.
We appointed Gracie as the CEO of OKX Singapore, bringing with her 20 years of experience in finance regulation and technology businesses, as part of our long-term commitment to Singapore.
OKX made a serious commitment to international regulators to keep the firm growing as a crypto company with the highest level of compliance. Professional lawyers and compliance managers make up over 10% of our workforce. We focus on innovations at the same time. To serve our 50 million global customers, we will continue to introduce incredible products.”
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