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Cryptocurrency exchange OKX has reached a significant milestone in its expansion efforts by obtaining principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This development corresponds to OKX’s commitment to the Singapore market and its strong step towards becoming a leading player in the local crypto ecosystem. OKX Chairman Hong Fang emphasized that Singapore is a priority market for the exchange and expressed excitement about the opportunity to contribute responsibly to the world of cryptocurrency.
The Importance of Receiving Principle Approval
The principle approval signifies a crucial step forward in OKX’s mission to offer digital payment token services in Singapore, indicating the crypto exchange’s readiness to comply with regulatory standards and compliance requirements set by MAS. This approval accompanies OKX’s strategic goals to increase its presence and services in key global markets, positioning the crypto exchange for sustainable growth and expansion.
Recognized as one of the world’s largest cryptocurrency exchanges, OKX achieved significant trading volumes with over 75 billion dollars in crypto transactions just in the month of February.
According to data from The Block, the crypto exchange industry’s fierce competition is highlighted by OKX’s notable success, with major competitors like Binance recording a monthly volume of 506 billion dollars during the same period. Additionally, OKX’s recent establishment of a regional subsidiary in Turkey demonstrates its commitment to global expansion and serving various markets.
Full Licenses Granted to Industry Giants Like Coinbase, Ripple
Singapore’s financial regulatory authority MAS has granted full licenses to several crypto service providers, including industry giants like Blockchain.com, Circle, Coinbase, and Ripple. This regulatory recognition enhances the legitimacy and reliability of these organizations while establishing trust among investors and users in the cryptocurrency world.
The principle approval received by OKX reflects the cryptocurrency exchange’s proactive approach to regulatory compliance and its alignment with Singapore’s efforts to promote innovation while ensuring financial stability and consumer protection in the crypto sector.
