OKX has announced that its local branch, OKX SG Pte. Ltd., has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS). Meanwhile, Gracie Lin, a former official of the regulatory agency, has been appointed as the CEO of OKX SG.
According to the press release, the Major Payment Institution (MPI) license enables OKX SG to provide digital payment tokens and cross-border money transfer services. This includes spot trading (buying and selling) of cryptocurrencies for customers in Singapore.
OKX SG received in-principle approval for an MPI License from the MAS in February 2024 and is now assembling a world-class team of experts to support its plans for serving local customers in Singapore.
In her capacity as CEO, Lin will be responsible for supervising the company’s strategic endeavours, with a special focus on crafting digital payment token offerings and services designed specifically to meet the demands of customers in Singapore.
Lin expressed excitement about joining the team in Singapore and building the company’s presence there. According to her, obtaining the MPI license is a significant milestone and it demonstrates OKX’s commitment to providing access to digital assets and contributing to the local community.
This move follows a recent move by OKX to expand its offerings. The crypto exchange launched major crypto trading pairs against the Australian dollar (AUD). As of Monday, August 19, local users can trade Bitcoin (BTC), Ether (ETH), and stablecoins like Tether (USDT) and USD Coin (USDC) against the AUD.
Jamie Kennedy, General Manager of OKX Australia, stated that this move addresses increasing demand from Australian users. “Offering crypto-AUD trading pairs is crucial for advancing Australia’s crypto ecosystem, and we are committed to investing in tailored products to support this growth,” Kennedy stated.
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