Photo credit: Edwin Koo/Bloomberg

On Sept. 2, OKX Singapore, a crypto exchange, announced they have recently received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), which will allow them to “offer digital payment tokens and cross-border money transfer services.”

The crypto exchange also mentioned that Gracie Lin has been appointed as the CEO of OKX Singapore. In the press release, Lin mentioned that obtaining the license was important to provide access for their customers. 

Commenting about the recent achievement, Lin said:

“Born and raised here, I've always looked for ways to make a difference in Singapore. I've been fortunate to have had opportunities to do so in my previous roles at MAS, GIC, and Grab. I believe OKX SG is the perfect launchpad to contribute on an even greater scale.”

MAS’s MPI license permits crypto exchanges to conduct approximately $2.2 million monthly transactions for any payment service. MPI-licensed crypto exchanges can also conduct $4.4 million, and $3.65 million of daily outstanding e-money. 

Back in 2022, Ravi Menon, the Managing Director of MAS, mentioned that the Singaporean regulator will focus on growing the digital asset capabilities and managing the risks of the crypto sector. 

By 2024, MAS has given licenses to 19 crypto service providers, boosting crypto adoption in the country. A study from Henley and Partners highlighted that Singapore is ranked first based on crypto adoption with a score of 45.7 out of 60.