Singapore's financial regulator has given the green light to crypto exchange OKX, granting its subsidiary OKX SG in-principle approval for a Major Payment Institution (MPI) license.
This license, which is issued by the Monetary Authority of Singapore (MAS), allows the platform's local division to offer digital payment token services and cross-border transfers in the country once it receives full approval.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
With the MPI license, OKX plans to prioritize its spot product in Singapore, with future plans to incorporate local banking connections and expand its offering.
In particular, MPI-licensed companies have the ability to facilitate multiple payment services without volume limitations.