OKX Receives In-Principle Approval for Major Payment Institution License from Singapore’s MAS

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The global Web3 technology leader and digital asset exchange, OKX, has announced a significant regulatory milestone: 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.

This approval marks a pivotal moment in OKX’s regional expansion strategy, enabling the platform to legally offer digital payment token services and cross-border money transfer solutions in one of Asia’s most advanced financial hubs. With this framework, OKX is poised to roll out a suite of compliant, user-centric products tailored specifically for the Singaporean market.

Currently, OKX serves users in Singapore through its secure web platform and mobile applications available on both the iOS App Store and Google Play. The MPI license in-principle approval strengthens its ability to operate with full regulatory alignment while driving innovation in a rapidly evolving digital asset landscape.

Strengthening Trust Through Regulation and Compliance

Regulatory compliance isn’t just a checkbox for OKX—it's a foundational pillar of its global growth strategy. As governments worldwide intensify oversight of the digital asset sector, obtaining formal recognition from respected regulators like MAS underscores OKX’s commitment to transparency, security, and long-term sustainability.

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The MPI license allows licensed entities to conduct large-scale payment activities involving cryptocurrencies and fiat transfers, provided they meet strict anti-money laundering (AML), counter-terrorism financing (CTF), and consumer protection standards. By aligning with these requirements, OKX reinforces its position as a responsible participant in Singapore’s growing fintech ecosystem.

A Strategic Commitment to Singapore’s Financial Future

Hong Fang, President of OKX, emphasized the strategic importance of Singapore in the company’s global vision:

“We are building the future of finance through technology, and we are inspired by the local opportunities across key markets. Singapore has long been a priority for us—we’ve invested here for years. The in-principle approval from MAS not only validates our ongoing commitment but also gives us a meaningful opportunity to contribute responsibly to the development of Singapore’s virtual asset ecosystem. By combining our global resources with deep local expertise, we aim to bring greater transparency and access to our users, all while adhering to best practices in regulation and innovation.”

This statement reflects OKX’s broader mission: to bridge cutting-edge blockchain technology with real-world financial infrastructure in a way that is secure, inclusive, and sustainable.

Upholding Industry Leadership in Transparency

Transparency remains at the heart of OKX’s operational philosophy. The platform was among the first in the digital asset industry to introduce monthly proof-of-reserves reports, a critical measure that verifies users’ assets are fully backed by platform holdings.

Since launching this initiative in late 2022, OKX has published 16 consecutive months of auditable reserve data—setting a benchmark for accountability in an industry often criticized for opacity.

Users can independently verify their balances using an open-source verification tool, ensuring trust is not based on claims but on verifiable cryptographic evidence. This proactive approach has helped foster confidence among retail and institutional clients alike.

Moreover, OKX continues to advocate for higher industry standards by supporting the evolution of more robust, standardized reporting frameworks—pushing beyond compliance toward true leadership in ethical digital finance.

Legal and Regulatory Excellence

Mauricio Beugelmans, Chief Legal Officer at OKX, highlighted the importance of regulatory collaboration:

“Compliance is central to our localization strategy and our core centralized finance business model. We support MAS’s world-class regulatory framework, which protects consumers by maintaining market integrity and security. We look forward to serving Singaporean users while actively and responsibly contributing to the nation’s expanding virtual asset industry.”

This alignment with MAS demonstrates OKX’s dedication to operating within clear legal boundaries without sacrificing technological agility or user experience.

Expanding Access with Responsible Innovation

With the MPI in-principle approval, OKX is well-positioned to expand its product offerings in Singapore. These may include:

Such developments could significantly improve financial inclusion and lower transaction costs—key goals shared by both the private sector and public regulators.

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By integrating global scalability with local compliance, OKX aims to become a trusted gateway for Singaporeans entering the Web3 economy.

Frequently Asked Questions (FAQ)

Q: What does MPI license approval mean for OKX users in Singapore?
A: It means OKX can legally provide digital payment token services and cross-border fund transfers under MAS supervision, enhancing user protection, service reliability, and regulatory oversight.

Q: Is OKX now fully licensed by MAS?
A: The approval is currently “in-principle.” Final licensing will follow once OKX meets all conditions set by MAS, including capital requirements and operational readiness assessments.

Q: How does proof-of-reserves work?
A: Proof-of-reserves uses cryptographic methods to prove that user funds are fully backed. Users can verify their holdings independently via OKX’s open-source tool, ensuring transparency without compromising privacy.

Q: Can anyone in Singapore use OKX?
A: Yes, retail and institutional users in Singapore can access OKX services via the website or mobile app, subject to applicable Know-Your-Customer (KYC) and anti-fraud checks.

Q: Does OKX offer customer support in Singapore?
A: Yes, OKX provides localized customer service channels to assist users with account management, transactions, security, and compliance-related inquiries.

Q: How often does OKX publish proof-of-reserves reports?
A: Monthly. The reports have been consistently released since December 2022, making OKX one of the most transparent exchanges in the industry.

Building the Future of Digital Finance

As digital assets become increasingly integrated into mainstream financial systems, platforms like OKX play a crucial role in shaping a safe, innovative, and inclusive ecosystem. The journey toward widespread adoption hinges not only on technological advancement but also on trust—earned through transparency, regulatory cooperation, and user empowerment.

OKX’s progress in securing regulatory recognition from MAS reflects a broader trend: the convergence of decentralized technologies with traditional financial governance. This balance between innovation and compliance is essential for sustainable growth.

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With continued investment in security, education, and regulatory alignment, OKX is positioning itself as a key enabler of Singapore’s ambition to be a global hub for fintech and Web3 innovation.

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