The cryptocurrency landscape in Singapore has taken a significant leap forward as OKX, a leading global digital asset platform, announces that its local subsidiary, OKX SG Pte. Ltd, has officially secured the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This full regulatory approval marks a pivotal milestone in OKX’s long-term strategy to support compliant, secure, and scalable crypto services in one of Asia’s most progressive financial hubs.
The final license follows an earlier in-principle approval granted by MAS in March 2024, which allowed OKX to begin offering limited services while completing its compliance framework. With the full MPI status now in place, OKX SG is authorized to provide digital payment token services and cross-border money transfer solutions, including cryptocurrency trading for qualified retail and institutional users in Singapore.
Regulatory Milestone for Crypto Innovation
Under Singapore’s Payment Services Act 2019 (PS Act), the MPI license is among the highest tiers of authorization available to payment service providers. It enables licensed entities to process large transaction volumes—exceeding S$3 million annually for a single service and S$6 million for multiple services—making it ideal for platforms aiming to serve a broad and active user base.
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This level of authorization reflects MAS’s confidence in OKX’s anti-money laundering (AML), cybersecurity, and risk management frameworks. It also signals a maturing ecosystem where innovation and regulation coexist to protect consumers while fostering financial technology growth.
Hong Fang, President of OKX, emphasized the strategic importance of the Singapore market:
“We feel privileged to have the opportunity to continue to contribute to the local community in a secure, transparent, and thoughtful way. The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore.”
The licensing achievement positions OKX as one of the few international crypto exchanges fully compliant with Singapore’s rigorous regulatory standards—joining a select group of platforms trusted to operate at scale within the nation’s tightly governed fintech environment.
Expanding Services for Singaporean Users
With the MPI license, OKX SG can now legally offer:
- Spot trading of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and select altcoins
- Digital payment token transfers
- Cross-border remittance services using blockchain infrastructure
- Fiat on-ramps and off-ramps via supported local banking channels
These services will be accessible through OKX’s web platform and mobile applications available on the App Store and Google Play, ensuring seamless integration into users’ daily financial routines.
Crucially, the platform will adhere to MAS-mandated safeguards, including:
- Real-time transaction monitoring
- Know-Your-Customer (KYC) verification for all users
- Cold storage for over 98% of customer assets
- Regular third-party audits and financial reporting
Such measures not only meet but exceed baseline expectations for trust and operational integrity in the digital asset space.
Leadership Reinforcement: Gracie Lin Appointed CEO of OKX SG
To lead this next phase of growth, OKX has appointed Gracie Lin as Chief Executive Officer of OKX Singapore. Lin brings extensive experience across investment management, public policy, technology startups, and capital markets, making her uniquely suited to bridge the gap between innovation and regulation.
Her appointment underscores OKX’s commitment to local leadership and deep market understanding. Lin will oversee product development, regulatory engagement, customer experience, and strategic partnerships tailored specifically for Singapore’s tech-savvy and financially literate population.
“Singapore has always been at the forefront of fintech innovation,” said Lin. “With our full MPI license, we’re now empowered to deliver more value to users—offering them not just trading tools, but trusted financial infrastructure built on compliance, security, and transparency.”
Why This Matters for the Crypto Industry
OKX’s successful licensing journey highlights a broader trend: global crypto platforms are increasingly aligning with national regulations to gain legitimacy and expand sustainably. In markets like Singapore, where regulatory clarity exists, compliant operators are rewarded with consumer trust and institutional adoption.
For users, this means safer access to digital assets. For regulators, it demonstrates that decentralized technologies can operate within established legal frameworks. And for the industry, it sets a precedent for responsible growth.
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Frequently Asked Questions (FAQ)
Q: What is a Major Payment Institution (MPI) license in Singapore?
A: Issued by the Monetary Authority of Singapore (MAS), the MPI license allows companies to provide payment services—including digital token transactions and cross-border transfers—with higher transaction volume limits than standard licenses. It requires strict compliance with AML, CFT, and cybersecurity regulations.
Q: Can Singapore residents now trade crypto on OKX without restrictions?
A: Yes, but only after completing full KYC verification. While the MPI license enables OKX to offer crypto trading legally, users must still comply with local rules, including spending caps and suitability assessments for certain products.
Q: Is OKX the only foreign exchange with an MPI license?
A: No—several international platforms have obtained or are pursuing MPI status—but OKX is among the first major global exchanges to complete the full licensing process post-in-principle approval.
Q: Does the MPI license allow futures or derivatives trading?
A: No. The current license covers spot trading and payment services only. Derivatives offerings would require additional regulatory permissions under different categories.
Q: How does this affect OKX’s global operations?
A: This strengthens OKX’s reputation as a compliant-first platform. Success in Singapore—a high-bar jurisdiction—enhances credibility in other regulated markets like Europe, the Middle East, and parts of Asia.
Q: Are customer funds safe on OKX SG?
A: Yes. OKX employs military-grade encryption, multi-signature wallets, and cold storage protocols. Additionally, it undergoes regular security audits and maintains insurance coverage for digital assets.
The Road Ahead: Building Trust Through Compliance
As digital assets become increasingly integrated into mainstream finance, regulatory milestones like this one will define which platforms thrive in the long term. OKX’s achievement isn’t just about business expansion—it’s about proving that crypto can be both innovative and responsible.
Singapore continues to serve as a model for balanced fintech regulation, attracting global players who value clarity and stability. With its new leadership, enhanced compliance posture, and full MAS authorization, OKX SG is well-positioned to become a cornerstone of the nation’s digital economy.
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This development also sends a clear message to users, investors, and regulators alike: the future of crypto lies not in evasion, but in engagement—with rules, with communities, and with vision.
As more jurisdictions adopt frameworks similar to Singapore’s PS Act, expect increased consolidation around licensed, transparent platforms that prioritize user protection without sacrificing performance or accessibility.
For now, OKX’s success story offers a blueprint for sustainable growth in the evolving world of digital finance.