OKX SG, a crypto exchange based in Singapore, recently announced that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license is highly coveted in Singapore because it allows businesses to operate without daily or monthly transaction limits. To qualify for the license, companies must meet certain criteria, including being registered in Singapore, maintaining a permanent place of business with record-keeping, having a minimum capital base of $250,000, and having at least one director who is a Singaporean resident or citizen.
In addition to obtaining the MPI license, OKX SG has appointed Gracie Lin as its CEO. Lin, a former regulator, brings a wealth of experience from her previous roles at MAS, sovereign wealth fund GIC, and ride-hailing company Grab. Her appointment underscores the exchange’s commitment to developing crypto products and services tailored to Singaporean investors.
Gracie Lin emphasized the significance of Singapore as a global digital asset hub and highlighted the country’s importance to the exchange. She believes that crypto is the next frontier of innovation, and Singapore plays a key role in its adoption. Securing the MPI license is a major milestone for OKX SG, as it enables the exchange to contribute to the local community and ecosystem. The exchange views Singapore as a core market in its global development strategy.
The approval of the MPI license and the appointment of Gracie Lin as CEO are significant milestones for OKX SG as it continues to expand globally. The exchange is focused on developing innovative crypto products and services for Singaporean investors. Singapore’s leadership in crypto adoption is supported by its favorable financial, business, and regulatory environment, as well as strong performance in economic and technological factors.
Overall, OKX SG’s achievement of securing a Major Payment Institution license in Singapore and appointing Gracie Lin as CEO is a testament to the exchange’s commitment to growth and innovation in the digital asset space. The license allows OKX SG to operate without transaction limits and positions the exchange to thrive in Singapore’s thriving crypto ecosystem. Gracie Lin’s extensive experience and leadership will play a crucial role in shaping OKX SG’s future strategic direction and product offerings in the Singaporean market.
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