Crypto exchange OKX recently announced that it has received in-principle approval for a digital asset license from the Monetary Authority of Singapore (MAS). This approval signifies a significant milestone in OKX’s journey towards achieving full regulatory compliance in Singapore.
In-principle approval typically indicates that financial institutions are conditionally selected to fulfill specific obligations within a specified timeframe. The next crucial step for OKX is obtaining approval for a Major Payment Institution License, which would allow the unrestricted provision of payment services, including digital payment token services and cross-border transfers, without transaction volume limits.
At present, only 18 entities, such as Blockchain.com, Circle, and Coinbase, have secured this full license in Singapore, highlighting the rigorous regulatory environment in the country.
The preliminary approval for a digital asset license comes at a time when the crypto market is experiencing a resurgence, with Bitcoin recently hitting a new record high above $72,000. OKX President Hong Fang emphasized the importance of Singapore as a strategic market for OKX, stating that the in-principle approval from MAS validates their commitment to the region and presents new opportunities to contribute responsibly to the Singaporean crypto ecosystem.
OKX has made significant strides in expanding its services globally, including plans to enhance wallet services in India and gaining regulatory approval in Dubai to provide retail virtual asset services. The exchange has also launched OKX TR, a dedicated crypto exchange for users in Turkey, demonstrating its commitment to serving diverse markets.
Although OKX recently ceased its Mining Pool and related services due to business adjustments, the exchange remains focused on expanding its offerings and strengthening its presence in key regions around the world.
