Crypto exchange OKX secures in-principle approval for Singapore payments licence

OKX Singapore payments licence: OKX, a prominent cryptocurrency exchange, announced on Wednesday that its Singapore subsidiary has received in-principle approval for a payments licence from the Monetary Authority of Singapore (MAS). This significant development positions OKX to offer digital payment tokens and cross-border money transfer services within Singapore, consolidating the city-state's position as a crypto hub in Asia.

The approval marks a strategic milestone for OKX, allowing it to tap into Singapore's robust financial ecosystem and serve the growing demand for crypto-related services in the region. Hong Fang, President of OKX, emphasised Singapore's significance as a "priority market" for the firm, reflecting its commitment to expanding its presence in Southeast Asia.

This approval comes amidst a surging interest in cryptocurrencies, with bitcoin (BTC) reaching record highs. Investors are increasingly allocating funds to US spot exchange-traded crypto products, driven by the anticipation of declining global interest rates.

In addition to its recent approval in Singapore, OKX had previously obtained a regulatory licence in Dubai in January. This licence enables the exchange to offer crypto services to retail clients, further solidifying its position as a key player in the global crypto market.

(With Reuters inputs.)