OKX Singapore secures crucial payments licence for crypto expansion

  • OKX’s Singaporean subsidiary secured in-principle clearance for a payments licence, granted by the Monetary Authority of Singapore, allowing the exchange to offer digital payment tokens and cross-border money transfer services in the city-state.
  • With this clearance, OKX aims to cater to the cryptocurrency hub of Asia, Singapore, focusing initially on launching spot products while gradually expanding its offerings.
  • This development coincides with the ongoing cryptocurrency surge, exemplified by bitcoin’s record highs, as OKX continues to expand its global presence, having received a regulatory licence in Dubai earlier this year.

OUR TAKE
Major bitcoin exchanges are eyeing global expansion. OKX’s attainment of the payments licence in Singapore marks a significant step in its expansion strategy, alongside Binance’s addition of the Japanese yen to its services. Crypto exchanges are increasingly seeking global expansion to capitalise on vast opportunities. By expanding their operations beyond domestic boundaries, exchanges can access larger user bases, thereby increasing trading volumes and revenue streams. Moreover, operating in multiple jurisdictions allows exchanges to diversify their business and mitigate risks associated with regulatory changes or geopolitical uncertainties in specific regions.
–Sylvia Shen, BTW Reporter

The cryptocurrency exchange OKX said on Wednesday that its Singaporean company has been granted in-principle clearance to operate a payments licence in the city-state.

OKX to launch cross-border money transfer services

With the Monetary Authority of Singapore’s clearance, OKX will be able to offer cross-border money transfer services and digital payment tokens in Singapore, which has been a hub for cryptocurrency in Asia in recent years.

Also read: OKX adds Aevo platform for spot trading derivatives trading

OKX primes to launch spot product

OKX’s immediate focus will be on launching the spot product, with plans to expand our offerings gradually. OKX team will work to establish local banking connections for its customers, laying the groundwork for a customised suite of products tailored to the market’s needs in the future.

Also read: OKX exchange promises compensation for users following flash crash

The decision comes amid a cryptocurrency frenzy that has sent bitcoin to all-time highs, driven by speculators flooding the market with cash for exchange-traded U.S. spot products and the possibility of a decline in global interest rates.

OKX received a regulatory licence in Dubai in January, enabling it to provide cryptocurrency services to individual customers.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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