The Monetary Authority of Singapore (MAS) has granted OKX, a leading cryptocurrency exchange, in-principle approval for a Major Payment Institution (MPI) licence on March 13. This places OKX among a select group of licensed exchanges in Singapore, such as Independent Reserve and Coinhako, and follows the approval granted to Upbit. This licence allows OKX to provide digital payment token and cross-border money transfer services in Singapore, emphasising its commitment to regulatory compliance and its strategy to focus on the Singapore market as part of its global expansion. OKX President Hong Fang highlighted the approval as a milestone that underscores the exchange’s dedication to contributing responsibly to Singapore’s crypto ecosystem, with plans to expand offerings and introduce local banking connections for customers.