The global Web3 technology leader and digital asset exchange, OKX, has announced that its Singapore subsidiary, OKX SG Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license under the Payment Services Act 2019 (PS Act). This milestone marks a significant step forward in OKX’s long-term commitment to regulated innovation and market expansion in one of Asia’s most forward-thinking financial hubs.
With this approval, OKX is now positioned to offer digital payment token services and cross-border money transfer solutions in Singapore—services that align with evolving consumer demand for fast, secure, and compliant digital finance options. The regulatory green light reinforces OKX’s mission to bridge cutting-edge blockchain technology with real-world financial infrastructure while adhering to the highest standards of compliance and transparency.
Strengthening Market Presence in Singapore
Singapore has emerged as a strategic hub for fintech and virtual asset innovation, thanks to its clear regulatory framework and strong support for responsible technological advancement. OKX has been actively investing in the region for years, building local expertise and tailoring its offerings to meet the needs of Singaporean users.
Today, residents can access OKX services via the platform’s web interface as well as through iOS and Android mobile applications available on the App Store and Google Play. These platforms provide seamless access to trading, staking, wallet management, and other Web3-enabled financial tools—all designed with security and user experience at the forefront.
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Leadership Perspectives on Regulation and Responsibility
Hong Fang, President of OKX, emphasized the company's dedication to sustainable growth within regulated environments:
“We’re building the future of finance through technology, and we’re inspired by the opportunities across local markets. Singapore is a key focus for us—we’ve invested here for some time. The in-principle approval from MAS not only validates our ongoing commitment but also gives us a valuable opportunity to contribute responsibly to the development of Singapore’s virtual asset ecosystem. By combining our global resources with deep local knowledge, we aim to bring greater transparency, accessibility, and trust to our users while upholding best practices in regulation and innovation.”
This vision reflects a broader industry shift toward institutional-grade accountability, where user protection and regulatory alignment are no longer optional but foundational.
Mauricio Beugelmans, Chief Legal Officer at OKX, further highlighted the importance of compliance in their operational strategy:
“Compliance is central to our localization efforts and our approach to centralized finance. We fully support MAS’s world-leading regulatory framework, which safeguards market integrity and protects consumers. We look forward to serving Singapore’s users and actively contributing—responsibly and passionately—to the country’s growing digital asset landscape.”
A Proven Commitment to Transparency
Transparency remains a cornerstone of OKX’s operations. As one of the first major platforms in the digital asset space to launch monthly proof-of-reserves reports, OKX has set a benchmark for accountability.
Since the program’s inception in late 2022, OKX has published 16 consecutive months of verified reserve data, using advanced cryptographic methods to demonstrate that user assets are fully backed. These reports are not just internal audits—they are independently verifiable through an open-source verification tool, empowering users to confirm that their holdings are securely supported by platform reserves.
This level of openness helps build trust in an industry often criticized for opacity, especially during periods of market volatility. By championing transparency as a standard—not an exception—OKX is helping drive industry-wide improvements in reporting practices and risk management.
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What This Means for Users and the Industry
The MPI license in-principle approval enables OKX to expand its service offerings in a regulated environment, giving Singaporean users access to more sophisticated financial tools without compromising on safety or compliance. It also signals confidence from regulators in OKX’s operational maturity, risk controls, and anti-money laundering (AML) frameworks.
For the broader virtual asset ecosystem, this development underscores the growing synergy between innovative blockchain platforms and traditional financial oversight. As governments seek to balance innovation with consumer protection, companies like OKX that prioritize compliance, security, and transparency are well-positioned to lead the next phase of adoption.
Frequently Asked Questions (FAQ)
Q: What is a Major Payment Institution (MPI) license in Singapore?
A: Issued by MAS under the Payment Services Act 2019, an MPI license allows firms to provide payment services including digital payment token transactions, e-money issuance, and cross-border fund transfers. It requires strict adherence to capital requirements, risk management, and AML/CFT regulations.
Q: Can Singapore residents currently use OKX?
A: Yes. Singapore users can access OKX via web browsers or mobile apps on iOS and Android devices. With MPI approval, additional regulated services will be rolled out progressively.
Q: What is proof-of-reserves, and why does it matter?
A: Proof-of-reserves is a cryptographic verification method that proves a platform holds sufficient assets to cover user balances. It enhances transparency and trust by allowing independent validation that customer funds are not being misused or leveraged.
Q: Does OKX operate globally under regulation?
A: OKX adheres to regulatory requirements across multiple jurisdictions. In addition to Singapore, it is registered or licensed in other key markets including Canada, Australia, Dubai, and Malaysia, reflecting its commitment to compliant global expansion.
Q: How often does OKX publish its proof-of-reserves report?
A: Monthly. Since December 2022, OKX has released 16 consecutive monthly reports, all publicly verifiable using its open-source tool.
Q: Is my data safe when using OKX in Singapore?
A: Yes. OKX implements enterprise-grade security protocols including cold storage for over 95% of assets, multi-signature wallets, real-time monitoring, and regular third-party audits to protect user data and funds.
Looking Ahead: Building the Future of Digital Finance
OKX’s journey in Singapore exemplifies how innovation and regulation can coexist to benefit users, institutions, and the wider economy. With MAS’s recognition of its compliance posture and operational readiness, OKX is poised to deepen its engagement with local partners, developers, and consumers.
As Web3 adoption accelerates across Southeast Asia, platforms that combine technological excellence, regulatory rigor, and user-centric design will define the new standard in digital finance.
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