OKX has obtained the provisional approval of a large payment institution license from the Monetary Authority of Singapore (MAS).

OKX, a leading Web3 technology company and virtual asset exchange, announced today that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval for a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).

This important milestone lays the foundation for OKX's development, allowing OKX to provide digital payment tokens and cross-border remittance services in Singapore in accordance with the 2019 Payment Services Act (PS Act), and to build a range of more powerful and tailored products and services for local users.

OKX currently provides services to Singapore users through the website and iOS or Google Play applications.

OKEx CEO Hong Fang said: "We are working hard to build the future with technological development globally and are inspired by the local opportunities we provide for multiple markets. Singapore is a key market for us, and we have been investing here for some time. The MAS's principled approval not only confirms our commitment to this market, but also gives us a good opportunity to continue to contribute to the responsible development of Singapore's virtual asset ecosystem. By combining our global resources with local market knowledge and expertise, we intend to make long-term investments, bring transparency and access to our customers, and adhere to industry best practices in regulation and innovation."

OKEx Chief Legal Officer Mauricio Beugelmans said, "Compliance is a core part of our localization and centralized financial business strategy. We support the world-leading regulatory framework of the Monetary Authority of Singapore to protect consumers by maintaining market integrity and security. We look forward to serving users in Singapore and being an eager and responsible participant in the country's growing virtual asset industry."

OKX is unwavering in its commitment to transparency, being one of the earliest companies in the virtual asset industry to release a monthly reserve proof report, thereby verifying comprehensive support for the user assets held by the platform. Users can also independently verify their assets with the support of 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 promoted the industry to adopt innovative and continuously improved reporting standards.