OKX Secures Provisional Nod for Payment License in Singapore

SINGAPORE (Reuters) – OKX, a cryptocurrency exchange, announced that its Singapore branch has secured a tentative agreement for a license regarding payment services within the city, the company disclosed on Wednesday.

This provisional consent, provided by the Monetary Authority of Singapore, empowers OKX to facilitate services related to digital payment tokens and international money transfer operations in Singapore. This city-state is becoming an important hub for the cryptocurrency industry in the Asian region.

The company’s head, Hong Fang, mentioned that Singapore stands as a critical market for their operations.

This development is concurrent with a surge in cryptocurrency interest, which has seen bitcoin reach unprecedented heights. The surge is driven by investments flooding into American spot exchange-traded cryptocurrency funds, along with speculations of potential drops in international interest rates.

Previously in January, OKX obtained a financial services license in Dubai that enabled it to provide cryptocurrency solutions to individual customers.

(Reported by Rae Wee; Edited by Jamie Freed)