Singapore Grants OKX Regulatory Approval for Digital Payments – March 13, 2024, at 3:38 AM EDT

Authored by Kimberley Kao

OKX, a major player in the cryptocurrency exchange market, is moving forward with its plans to implement digital payment solutions in Singapore, having recently received preliminary approval from local authorities.

The exchange, known for its significant trading volumes, announced this past Wednesday that the Monetary Authority of Singapore has granted it in-principle approval. This consent is for the provision of services pertaining to digital payment tokens and the facilitation of international money transfer operations.

This development potentially allows OKX to develop and introduce a specialized product and service selection tailored for the Singaporean market. In a press release, the company revealed these intentions, emphasizing Singapore’s pivotal role in their global strategy. OKX President Hong Fang acknowledged Singapore’s importance and mentioned that the company’s initial product rollout would target spot cryptocurrency offerings, with plans for a broader product lineup in the future.

OKX’s approval places it within a significant list of cryptocurrency exchanges that have been officially sanctioned in Singapore. This list includes prominent names like Coinbase and Crypto.com, in addition to Upbit from South Korea.

The city-state of Singapore is known for its stringent regulations on cryptocurrency exchanges, coupled with a well-earned reputation as a hub for financial technology innovation. This makes Singapore both a challenging and a strategically valuable market for crypto companies.

Based on 24-hour trading volume statistics from as recent as January 9, as reported by Statista, OKX ranks as the fourth largest global cryptocurrency exchange. Earlier in the year, the company secured a regulatory license for offering retail crypto services in Dubai and also inaugurated a specialized platform in Turkey the following month.

Originally established in Beijing, OKX now boasts a user base of over 50 million people worldwide, as declared by the company.

Correspondence should be directed to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

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