Global leading Web3 technology company and virtual asset exchange OKX announced today that its subsidiary in Singapore, OKX SG Pte. Ltd., has received the provisional approval for the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).
This significant milestone sets the foundation for OKX’s development, enabling OKX to offer digital payment tokens and cross-border remittance services in Singapore in accordance with the Payment Services Act 2019 (PS Act), and to build a range of more powerful and tailored products and services for local users.
Currently, OKX provides services to Singapore users through its website and iOS or Google Play applications.
President of OKX, Hong Fang, stated:
“We are thrilled to receive the provisional approval for the MPI license from MAS. This approval further demonstrates our commitment to compliance and regulatory standards, and signifies a significant step forward in expanding our presence in Singapore. We look forward to providing our users with a secure and seamless digital asset trading experience.”
Chief Legal Officer of OKX, Mauricio Beugelmans, stated:
“OKX has always been committed to transparency and is one of the earliest companies in the virtual asset industry to publish monthly Proof of Reserves reports, providing comprehensive support for the user assets held on the platform. Users can also independently verify the support of their assets by OKX through open-source verification tools. Since its launch at the end of 2022, OKX has released 16 consecutive months of Proof of Reserves reports, actively promoting the adoption of innovative and continuously improved reporting standards in the industry.”
About OKX
OKX is a leading virtual asset exchange and Web3 ecosystem. OKX has developed a virtual asset application that combines speed and reliability, and is favored by over 50 million global investors and professional traders.
OKX collaborates closely with the English Premier League champions Manchester City Football Club, the McLaren F1 Team, Olympic snowboarder Scotty James, and Formula One driver Daniel Ricciardo, aiming to enhance fan experiences through new interactive methods. Additionally, OKX is also a top partner of the Tribeca Festival, striving to attract more creators into the Web3 space.
In addition to exchange services, OKX has recently launched the OKX Web3 Wallet service, which provides users with access to GameFi and DeFi tokens, allowing them to explore the NFT and metaverse realms. OKX is committed to enhancing transparency and security and publishes its Proof of Reserves report every month.
Register with OKX now.
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