OKX receives in-principle approval for Singapore MAS large payment institution license

OKX, the world's leading Web3 technology company and virtual asset exchange, announced today that its Singapore subsidiary "OKX SG Pte. Ltd." has received in-principle approval from the Monetary Authority of Singapore (MAS) to issue a Large Payment Institution License (MPI) .

This important milestone lays the foundation for OKX’s development, allowing OKX to provide digital payment tokens and cross-border remittance services in Singapore in accordance with the Payment Services Act 2019 (PS Act), building a series of services for local users. More powerful and tailor-made products and services.

OKX currently provides services to Singapore users through the web and iOS or Google Play applications.

OKX President Hong Fang said: "We are working hard to build the future with technology development globally and are encouraged by the local opportunities provided by multiple markets. Singapore is a key market for us and we are already here We have been investing for a long time. MAS’s in-principle approval not only confirms our ongoing commitment to this market, but also gives us a good opportunity to continue to contribute to the responsible development of Singapore’s virtual asset ecosystem. By combining With our global resources and local market knowledge and expertise, we intend to be engaged for the long term, bringing transparency and access to our clients, while adhering to industry best practices in terms of regulation and innovation."

< p>OKX Chief Legal Officer Mauricio Beugelmans said: "Compliance is a core part of our localization and centralized financial business strategy. We support the Monetary Authority of Singapore's world-leading regulatory framework by maintaining market integrity and security. Protect consumers. We look forward to serving users in Singapore while passionately and responsibly becoming a participant in the country’s growing virtual asset industry.”

OKX’s unwavering commitment to transparency is a key player in the virtual asset industry. One of the first companies in China to publish monthly reserve certificate reports, thereby verifying that user assets held by the platform are fully supported. Users can also leverage open source verification tools to independently verify that their assets are backed by OKX reserves. Since its launch in late 2022, OKX has published 16 consecutive months of proof of reserve reports and has actively promoted the industry to adopt innovative and constantly improving reporting standards.