- Fang emphasizes that Singapore is a key part to expand internationally.
- MAS’s in-principle clearance shows that OKX has regulatory backing.
A huge step forward for the crypto exchange OKX, has been revealed with the announcement that the Monetary Authority of Singapore (MAS) has approved the exchange in principle for a major payment institution (MPI) license. This clearance further establishes OKX as a leading cryptocurrency exchange in Singapore and adds it to the exclusive club of licensed platforms in the region.
To meet the increasing demand for cryptocurrency services in Singapore, OKX has joined the ranks of respected entities like Independent Reserve and Coinhako, gaining the regulatory approval to provide an extensive range of financial services. These services include digital payment token transactions and cross-border money transfers.
Key Part of Expansion Plans
Furthermore, the president of OKX, Hong Fang, emphasizes that Singapore is a key part of the exchange’s plan to expand internationally. He cites Singapore’s important position in the Southeast Asian market and the favorable regulatory climate as reasons for this. According to Fang, one of the most important aspects of OKX’s operating ethos is the exchange’s steadfast dedication to regulatory compliance.
Not only does MAS’s in-principle clearance show that OKX has regulatory backing, but it also shows that OKX is committed to being transparent and honest. By following rules and encouraging cooperation with authorities, OKX hopes to have a positive impact on Singapore’s cryptocurrency environment going forward.
Now that it has the MPI license clearance from MAS, OKX is planning to expand its business in Singapore to strengthen its position in the market and provide better services to customers. The exchange plans to meet the changing demands of Singaporean investors and traders by introducing novel financial products and services, made possible by the greater clarity of regulations.
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