- OKX Singapore gains MPI license after addressing custodial bank challenges with MAS.
- Singpass integration helps OKX Singapore speed up KYC, improving user verification time.
- Singapore traders lean toward passive crypto strategies, mainly buying and holding assets.
OKX Singapore’s newly appointed CEO, Gracie Lin, opened up about the challenges the company faced for obtaining its Major Payment Institution (MPI) license. Lin spoke about the strict requirements that was needed to move from in-principle approval to a full license in Singapore.
According to Lin, one of the biggest obstacles for OKX Singapore was meeting the requirement for a custodial bank account. This was a crucial condition set by the Monetary Authority of Singapore (MAS) as part of the licensing process.
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Lin noted that one of the most important and difficult conditions is making sure the bank has confidence in its plans and controls. She stressed the importance of this step for moving forward with the license application.
OKX Singapore was officially awarded the MPI license earlier this month, marking a significant milestone in its operations within the city-state.
The Singapore Market: A Unique Landscape
Lin touched upon what sets the Singapore market apart from other regions. One unique advantage OKX Singapore has is the integration of Singpass, the government’s digital identity system.
This streamlines the know-your-customer (KYC) process, reducing the time it takes to verify new customers. While KYC processes can take hours or even days in other jurisdictions, Singapore’s system significantly speeds up the process. Lin observed that traders in Singapore tend to be more passive towards cryptocurrency, often preferring to buy and hold their assets rather than actively trading.
OKX Singapore’s MPI License and New CEO
Earlier this month, OKX Singapore made a significant move by securing a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This license, initially granted as an in-principle approval in March, allows the exchange to provide a wide range of payment services, including digital payment tokens, cross-border transactions, and spot trading of cryptocurrencies.
Lin emphasized that the MPI license represents an important step in the company’s journey toward expanding digital asset access for its users and contributing to Singapore’s growing crypto ecosystem.
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