OKX announced today that its Singapore subsidiary, “OKX SG Pte. Ltd.,” has received provisional approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This significant milestone establishes the foundation for OKX’s development, allowing it to offer digital payment tokens and cross-border remittance services in Singapore in accordance with the Payment Services Act (PS Act) of 2019. It aims to provide a range of more powerful and tailored products and services for local users.
Currently, OKX provides services to Singapore users through its website and iOS or Google Play applications.
Hong Fang, CEO of OKX, stated:
“We are thrilled to have received the provisional approval from MAS for the MPI license. This demonstrates our commitment to compliance and regulatory oversight, and it paves the way for us to expand our services in Singapore. We look forward to providing a secure and user-friendly platform for local users to access the world of virtual asset trading.”
Mauricio Beugelmans, Chief Legal Officer of OKX, said:
“OKX has always been dedicated to transparency and was one of the first companies in the virtual asset industry to publish monthly reserve proof reports, ensuring comprehensive support and protection for user assets held on the platform. Users can also independently verify the support of their assets by OKX reserves using open-source verification tools. Since its launch at the end of 2022, OKX has released 16 consecutive months of reserve proof reports and actively promotes the adoption of innovative and continuously improved reporting standards in the industry.”
About OKX:
OKX is a leading global Web3 technology company and virtual asset exchange. It has developed a virtual asset application that combines speed and reliability, catering to over 50 million investors and professional traders worldwide.
OKX collaborates closely with Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James, and F1 driver Daniel Ricciardo, aiming to enhance fan experiences through new interactive methods. Additionally, OKX is a premium partner of the Tribeca Festival, striving to attract more creators to the Web3 domain.
In addition to exchange services, OKX recently launched the OKX Web3 Wallet service, providing users with access to GameFi and DeFi tokens, allowing them to explore the NFT and Metaverse realms.
OKX is committed to transparency and security, releasing its reserve proof reports monthly.
For more information about OKX, please download our application or visit okx.com.
Disclaimer:
This article is a sponsored content provided by OKX and does not represent the views of DOUZONE or constitute investment advice, purchase or sale recommendations. Please see the disclaimer at the end of the article for more details.
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