#Singapore #OKX #CryptoExchange #MAS #CryptoRegulation #PaymentLicense #DigitalAssets #CryptoEcosystem
The Monetary Authority of Singapore (MAS) recently made a significant stride in reinforcing the country’s status as a leading digital asset hub in Asia by granting in-principle approval for a Major Payments Institution (MPI) license to the Singapore subsidiary of OKX, a prominent crypto exchange. This development, announced on March 12, allows OKX to provide both cryptocurrency services and cross-border money transfer services within Singapore. This move is viewed as a crucial step for the exchange in expanding its operations and fostering a more inclusive crypto ecosystem within the city-state.
Singapore’s progressive stance on cryptocurrencies, illustrated by the MAS guidelines for MPI-licensed entities, highlights the country’s commitment to encouraging innovation while ensuring a secure and regulated environment for digital asset transactions. The guidelines notably remove the transaction limit of 3 million Singapore dollars ($2.2 million) for any one payment service and the 6 million SG$ ($4.4 million) monthly transaction cap for two or more payment services, facilitating greater operational freedom for licensed entities, excluding e-money account issuance and money-changing services. OKX, leveraging this opportunity, aims to contribute responsibly to Singapore’s vibrant crypto ecosystem and to extend its product offerings beyond spot products, starting with establishing local banking connections to enhance customer experience.
OKX’s in-principle approval by MAS underscores a broader trend of crypto exchanges seeking regulatory compliance to not only gain a competitive edge but also to secure trust among investors and users in a rapidly evolving market. This trend is echoed in the exchange’s ongoing efforts to expand its footprint across Asia and the Middle East, including obtaining regulatory approval to service retail investors in Dubai. With Singapore’s proactive and clear regulatory framework attracting major crypto entities like Coinbase, BitGo, and Ripple, the city-state is cementing its position as a conducive environment for digital asset innovation and growth. OKX’s move to secure a key payment license in Singapore underscores the strategic importance of regulatory compliance and market expansion in the crypto industry’s pursuit of mainstream acceptance and sustainability.
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