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OKX Receives Major Payment Institution License in Singapore

The company has also appointed Gracie Lin as CEO of OKX SG to oversee the development of new products and services it is now permitted to offer Singaporean customers

By Jamie Crawley|Edited by Parikshit Mishra

Updated Sep 2, 2024, 8:42 a.m. Published Sep 2, 2024, 8:40 a.m.

OKX SG can offer digital payment token and cross-border money transfer services, which includes the buying and selling of crypto.
Singapore has a reputation of being a world-leading crypto hub as it provides clear guidelines on how cryptocurrency firms should operate.

Cryptocurrency exchange OKX's Singapore entity has received a Major Payment Institution (MPI) license from the city-state's central bank.

OKX SG can offer digital payment token and cross-border money transfer services, which includes the buying and selling of crypto, according to an announcement on Monday.

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The company has also appointed Gracie Lin as CEO of OKX SG to oversee the development of new products and services it is now permitted to offer Singaporean customers.

Cryptocurrencies is regulated as digital payment tokens in Singapore under its Payment Services Act (PSA). The island country has a reputation of being a crypto hub as it provides clear guidelines on how cryptocurrency firms should operate.

OKX Singapore Mpi

Jamie Crawley

Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.