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OKX receives in-principle approval from MAS, awaits awarding of full licence

Nicole Lim
Nicole Lim • 2 min read
OKX receives in-principle approval from MAS, awaits awarding of full licence
OKX also applied for a licence in Hong Kong last November. Photo: Unsplash
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Crypto exchange OKX has received its in-principle approval from the Monetary Authority of Singapore (MAS) for its major payments institution licence (MPI) on Mar 13. 

The full licence will allow players to offer digital payment tokens — or cryptocurrencies services to individuals and institutions. 

Founded by Star Xu back in 2017, OKX claims to be the second biggest crypto exchange by trading volume globally, serving more than 50 million users worldwide. OKX is owned by Ok Group, which also owns crypto exchange Okcoin.

OKX also applied for the virtual asset trading platform (VATP) licence under its Hong Kong branch last November. 

The exchange described this milestone as an “important” one to allow cross-border money transfer services. It says that this also sets the stage for the company to build an enhanced, locally tailored suite of products and services for its users.

In early March, OKX’s peer Bitstamp received its in-principle approval from the MAS. 

See also: Online casino guide platform finds Singapore ninth-most 'crypto-friendly' country globally

Meanwhile, several other global exchanges have in the past year, successfully obtained their MPI from the MAS. In January, Upbit, an exchange with ties to one of South Korea’s largest exchanges, received its full licence. 

Last year, Coinbase, Sygnum and Ripple were awarded full licences in October, shortly after one another.

OKX’s chief legal officer Mauricio Beugelmans said: "Regulatory compliance is a core aspect of our CeFi business strategy as we build locally, and we are supportive of the MAS’s world-leading framework, which aims to safeguard consumers by upholding market integrity and security. We look forward to serving users in Singapore while being a responsible and enthusiastic participant in the country's growing crypto industry.

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