OKX receives in-principle approval by MAS for its payment institution license

The global premier cryptocurrency exchange, blockchain, and Web3 technology organization, OKX, recently received in-principle approval for its licensing application to provide customers with virtual assets and financial services. 

On 13th March, OKX mentioned that it received preliminary approval from the Monetary Authority of Singapore MAS for its license application to become a major payment institution. 

The approval has paved the way for the OKX crypto exchange to offer cross-border money transactional services and digital payment tokens in Singapore under the monitoring of the Payment Services Act.

OKX has also set the stage for the organization to develop an improved locally tailored list of financial services and products for its customers, as mentioned in its statement on 13 March.

According to Hong Fang, the President of the OKX platform, Singapore has always been a priority for the crypto exchange and has been chipping in investments in the country for quite some time. Regulatory compliance is the core strategy of the OKX exchange, and the platform is fully committed to a fair and transparent partnership with the MAS.

Hong also mentioned that the in-principle approval from the MAS will validate the company’s commitment to date and an extraordinary opportunity for OKX to continue providing its services in Singapore as a responsible contributor to the cryptocurrency ecosystem. 

Hong Fang also mentioned that by combining the global resources with the local expertise and knowledge of the OKX platform, the team intends to be a strong participant for the long term, bringing access and transparency to its customers while employing the best practices in both innovation-driven and regulated industries.

OKX is available for traders and investors in Singapore on the official website, Google Play, or iOS mobile applications.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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