OKX Receives In-Principle Approval for Crypto Services in Singapore

Singapore-based crypto exchange OKX has received in-principle approval for a digital asset license from the Monetary Authority of Singapore (MAS), a significant step toward full regulatory compliance in the country. This preliminary approval sets the stage for OKX to obtain a Major Payment Institution License, enabling the unrestricted provision of payment services such as digital payment token services and cross-border transfers without transaction volume limits. The move comes amid a resurgence in the crypto market, highlighted by Bitcoin's recent record-breaking surge above $72,000. OKX President Hong Fang expressed enthusiasm about the approval, emphasising the exchange's commitment to the Singaporean crypto ecosystem. OKX joins a select group of entities, including Blockchain.com, Circle, and Coinbase, that have secured full regulatory licences in Singapore. In recent years, OKX has been expanding its global presence, with initiatives in India, Dubai, Turkey, and elsewhere, despite winding down its Mining Pool and related services due to business adjustments.