Popular crypto exchange OKX announced in a recent tweet that one of its affiliates, OKX SG Pte. Ltd., has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The license issued under the provision of the Payment Services Act 2019 (PS Act) will allow the exchange to provide digital payment token services and cross-border remittance solutions, including cryptocurrency spot trading for Singapore-based customers.

We’re taking crypto to the heart of financial markets and mainstream adoption: Singapore 🇸🇬

We’ve received our Major Payment Institution (MPI) License from the MAS, allowing us to offer digital payment tokens and cross-border money transfer services.

To lead our charter in… pic.twitter.com/33y3fXM4S4

— OKX (@okx) September 2, 2024

In addition, securing the MPI license enables OKX SG to diversify its services and strengthen client confidence. It successfully met the regulatory requirements of the MAS and received authorization to operate as a major payment institution in Singapore.

OKX Singapore Names Former Regulator Gracie Lin, as CEO

Following the successful attainment of the MPI license, OKX SG added that it appointed Gracie Lin, a former MAS regulator with deep industry expertise, as CEO of the platform.

Lin has held multiple roles within the MAS and the Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund. The former regulator has also worked at Grab, a technology company, and held a leadership position within the management team, specifically at the Regional Strategy & Economics team.

Concerning her new role at OKX SG, Lin stated in a press release, “Singapore is a world-class digital asset hub and an important market for OKX. I am excited to be part of the team building our presence here. The MPI license is an important step in our journey, and we are more committed than ever to enabling access to digital assets for our customers and contributing to the community and ecosystem.”

“I look forward to continuing my engagement with our partners, customers, and the wider community here to see how we can best serve them.”

OKX’s acquisition of the MPI license and appointment of a seasoned CEO are poised to enhance the platform’s credibility and capabilities, potentially attracting a wider customer base and increasing transaction volumes.

Last month, a pioneering investor who supported Ethereum’s 2015 initial coin offering (ICO) transferred 48,500 ETH to the exchange.