OKX SG Pte. Ltd., the Singapore subsidiary of global crypto exchange and Web3 technology leader OKX, has achieved a significant regulatory milestone by securing in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI License). This paves the way for OKX to offer regulated digital payment token services and cross-border money transfers in Singapore under the Payment Services Act 2019.
What This Means for Singapore Users
With this approval, OKX will:
- Develop Singapore-specific products aligned with local market needs
- Provide compliant digital asset services with enhanced consumer protections
- Expand cross-border payment capabilities while adhering to MAS regulations
👉 Explore OKX's Singapore platform
Singaporean users can currently access OKX services via:
- Web browser
- iOS App Store
- Google Play Store
Leadership Perspectives
Commitment to Localized Growth
Hong Fang, OKX President, emphasized:
"Singapore represents a strategic priority where we've made sustained investments. This approval validates our efforts and enables us to contribute responsibly to Singapore's crypto ecosystem through transparent services that combine global expertise with local market understanding."
Regulatory-First Approach
Mauricio Beugelmans, OKX Chief Legal Officer, stated:
"Compliance remains central to our business strategy. We fully support MAS's consumer protection framework and look forward to participating in Singapore's thriving digital asset sector as a trusted service provider."
Transparency Initiatives
OKX continues to lead industry transparency standards through:
- Monthly Proof of Reserves reports (16 consecutive months)
- Open-source verification tools for users
- Full backing of all platform-held user assets
The company has been instrumental in advancing improved reserve reporting practices across the crypto sector since launching its proof-of-reserves program in late 2022.
FAQ Section
Q: When will OKX's MPI License become fully operational in Singapore?
A: The company will work closely with MAS to complete all requirements for full licensure following the in-principle approval.
Q: What services will OKX offer under the MPI License?
A: Approved activities include digital payment token services and regulated cross-border money transfers.
Q: How does OKX ensure the safety of user funds?
A: Through monthly Proof of Reserves audits, 1:1 asset backing, and open-source verification tools for independent user verification.
👉 Learn about OKX's security measures
Q: Will Singapore users have access to the full OKX product suite?
A: Services will be tailored to comply with Singaporean regulations while maintaining core functionality.
Q: How does this approval impact OKX's global operations?
A: It strengthens OKX's position as a compliance-focused exchange while expanding its APAC service capabilities.
Q: Where can Singapore residents access OKX services today?
A: Via web platform or mobile apps available on iOS and Android app stores.