OKX receives in-principle approval from the Monetary Authority of Singapore for its Major Payments Institution (MPI) license

Singapore, March 13, 2024 - OKX, the world's leading Web3 technology company and virtual asset exchange, announced today that its Singapore subsidiary "OKX SG Pte. Ltd." received in-principle approval from the Monetary Authority of Singapore (MAS) to issue a Large Payment Institution License (MPI).

This important milestone lays the foundation for OKX’s development, enabling it to provide digital payment tokens and cross-border remittance services in compliance with the Singapore Payment Services Act 2019 (PS Act). This move provides local users with a range of more powerful and personalized products and services, further strengthening OKX’s position in the Singapore market.

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

OKX President Hong Fang said: "We are working hard to build the future with technology development globally and are encouraged by the local opportunities provided by multiple markets. Singapore is a key market for us , we have been investing here for a long time. MAS’s in-principle approval not only confirms our ongoing commitment to this market, but also gives us a good opportunity to continue to promote the responsible development of Singapore’s virtual asset ecosystem. Make a contribution. By combining our global resources with local market knowledge and expertise, we intend to be in it for the long term, bringing transparency and access to our clients while adhering to industry best practices in terms of regulation and innovation."

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

OKX Continuing to adhere to transparency in the virtual asset industry, it was one of the first companies to publish monthly reserve certificate reports, an initiative aimed at providing users with comprehensive support and protection. Users can leverage open source verification tools to independently verify that their assets are backed by OKX reserves. Since its launch in late 2022, OKX has published 16 consecutive months of proof of reserves reports and strives to promote the industry’s adoption of innovative and continuously improving reporting standards.

For more details, please contact: Media@okx.com

About OKX

OKX is a The leading virtual asset exchange and Web3 ecosystem is committed to developing high-speed and reliable virtual asset applications. Its products are loved by more than 50 million investors and professional traders around the world, demonstrating excellent performance and reliability.

OKX works closely with English Premier League champions Manchester City F.C., McLaren F1 Team, Olympic snowboarder Scotty James and F1 driver Daniel Ricciardo , hoping to enhance fan experience through new interactive methods. In addition, OKX is also a top partner of the Tribeca Film Festival and is committed to attracting more creators to enter the Web3 field.

In addition to exchange services, OKX has recently launched the OKX Web3 wallet service, which provides users with an entrance to trade GameFi and DeFi tokens, and allows them to explore the fields of NFT and the Metaverse.

OKX is committed to transparency and security and publishes its Proof of Reserves report monthly.

For more information about OKX, download our app or visit: okx.com

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