Cryptocurrency exchange OKX announced Monday that it has achieved a significant milestone in Singapore, receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company also said it has hired Gracie Lin as the CEO of OKX SG.
Crypto Firm OKX Secures Singapore License, Appoints Gracie Lin as CEO of OKX SG
This approval allows OKX to offer digital payment token and cross-border money transfer services to customers in the country. This includes spot trading of cryptocurrencies for customers in Singapore.
OKX has appointed Gracie Lin as CEO to spearhead its operations in Singapore. Lin brings a wealth of experience in the financial, public, and technology sectors, having previously held leadership roles at Grab and the Monetary Authority of Singapore.
As part of her role, Lin will be responsible for managing the company’s strategic initiatives, which will involve developing authorised digital payment token products and services tailored to meet the requirements of customers in Singapore.
The MPI license and Lin’s appointment mark a noteworthy step forward for OKX in Singapore, a key market within its global development strategy.
With the license in place, OKX can now focus on developing digital payment token products and services tailored to the needs of Singaporean customers.
Gracie Lin expressed her enthusiasm for the opportunity, stating:
“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.”
OKX’s in-principle approval for the MPI license was received in February 2024, and the company said it has been diligently building a team to support its plans to serve the Singapore market.
