0
0
OKX Receives In-Principle Approval from MAS for Licensing Application
The premier global cryptocurrency exchange, blockchain, and Web3 technology organization, OKX, recently announced that it has received in-principle approval for its licensing application to provide customers with virtual assets and financial services. This significant development marks a pivotal moment for OKX in expanding its presence in the financial services industry.
Approval from Monetary Authority of Singapore
On the 13th of March, OKX disclosed that it had received preliminary approval from the Monetary Authority of Singapore (MAS) for its license application to become a major payment institution. This approval signifies a new chapter for OKX as it prepares to offer cross-border money transactional services and digital payment tokens in Singapore under the regulatory framework of the Payment Services Act.
This approval from MAS opens up avenues for OKX to develop a tailored list of financial services and products for its customers in Singapore. The move aligns with OKX’s commitment to providing innovative solutions while maintaining regulatory compliance.
Commitment to Regulatory Compliance
Hong Fang, the President of the OKX platform, emphasized that Singapore has always been a strategic market for the crypto exchange, with a history of investments in the country. OKX’s core strategy revolves around regulatory compliance, and the platform is dedicated to establishing a transparent and fair partnership with MAS.
Fang highlighted the significance of the in-principle approval from MAS, stating that it validates OKX’s ongoing commitment and presents an exceptional opportunity for the exchange to continue operating in Singapore as a responsible player in the cryptocurrency ecosystem.
Global Resources and Local Expertise
By leveraging global resources and combining them with local expertise, OKX aims to position itself as a key player in the cryptocurrency industry in the long run. The organization seeks to provide access and transparency to its customers while adhering to the best practices in both innovation-driven and regulated sectors.
Traders and investors in Singapore can access OKX through its official website, Google Play, or iOS mobile applications, offering a user-friendly interface for engaging with virtual assets and financial services.
Image/Photo credit: source url
