Lokesh Choudhary · · 1 min readOKX wins in-principle license for digital token services in Singapore
OKX President Hong Fang speaking at an event in Singapore | Photo Credit: OKX
Crypto exchange OKX has secured in-principle approval from the Monetary Authority of Singapore to operate with a Major Payment Institution License.
The move enables OKX to launch digital payment tokens and cross-border remittance services within the regulatory framework of Singapore’s Payment Services Act.
The crypto exchange joins a growing list of companies that have secured the same approval in Singapore. These include fintech firm Payoneer Singapore and fellow crypto exchange Upbit Singapore.
OKX was founded in 2017 and has grown to have over 50 million users worldwide. It is also the second-largest crypto exchange by 24-hour trading volume.
The firm’s announcement comes as Bitcoin – which heavily deflated in value in 2022 – recently hit a new all-time high, carried by increased interest from investors and markets warming up to the use of the token.
In addition to its exchange, OKX also has its own wallet offering called OKX Wallet. The platform helps users get into NFTs, the metaverse, and the trading of GameFi and decentralized finance tokens.
Hong Kong-based Animoca Brands recently announced that OKX Wallet would be one of the wallet partners for Mocaverse, the membership network project by the Web3 giant.
See Also: US regulator’s approval could trigger bitcoin rush among SEA investors
Editing by Miguel Cordon and Jaclyn Tiu
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