On September 2, OKX, a leading global cryptocurrency trading platform and Web3 technology company, announced that its Singapore-based entity, OKX SG, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This milestone achievement allows OKX SG to legally offer digital payment token services and cross-border remittances within Singapore, marking a significant step in the company’s global expansion strategy.
Concurrently, Gracie Lin has been appointed as the Chief Executive Officer of OKX SG. With nearly two decades of experience spanning finance, public policy, and technology sectors, Lin brings a wealth of expertise to her new role. Her leadership is expected to drive the company’s strategic initiatives and enhance its service offerings tailored to the Singaporean market.
Understanding the Major Payment Institution License
The MPI license, issued under Singapore’s Payment Services Act (PS Act) of 2019, authorizes OKX SG to provide regulated digital payment token services. This includes facilitating spot trading of cryptocurrencies—enabling users to buy and sell digital assets securely and in compliance with local regulations.
Singapore has established itself as a proactive and forward-thinking regulatory hub for digital assets. The MAS is widely recognized for its rigorous yet balanced approach to fostering innovation while ensuring consumer protection and financial stability. For OKX, obtaining this license underscores its commitment to operating within established legal frameworks and building trust with users and institutions.
This regulatory approval enables OKX SG to offer services such as:
- Cryptocurrency spot trading
- Cross-border money transfers
- Digital payment token solutions
Leadership Appointment: Gracie Lin as CEO of OKX SG
Gracie Lin’s appointment as CEO signals OKX’s intent to strengthen its regional leadership and align with local market expectations. Lin’s professional background includes senior roles at prominent organizations such as Grab, where she led regional strategy and economic teams. Prior to that, she held positions at the Monetary Authority of Singapore (MAS) and GIC, Singapore’s sovereign wealth fund.
Lin holds a bachelor’s degree in economics from the University of Chicago and a master’s degree in international and development economics from Yale University. Her extensive experience in financial regulation, business strategy, and operational management positions her as an ideal leader to steer OKX SG through its next growth phase.
In her statement, Lin emphasized Singapore’s role as a world-class digital asset hub and reiterated OKX’s commitment to serving the local community. She noted:
“The MPI license is a crucial milestone for us. We are dedicated to providing clients with secure and innovative access to digital assets while contributing to the broader ecosystem and community development.”
Strategic Importance of the Singapore Market
Singapore represents a cornerstone of OKX’s global strategy. The city-state’s clear regulatory guidelines, robust financial infrastructure, and thriving tech ecosystem make it an attractive base for digital asset businesses aiming to serve both regional and international markets.
The MPI license not only enhances OKX’s service capabilities but also strengthens its reputation as a compliant and user-focused platform. With this approval, OKX SG can now offer tailored products that meet the specific needs of Singaporean users, including institutional clients and retail traders.
The company had previously received in-principle approval for the license in February 2024 and has since been actively building a local team of experts to support its operations and customer engagement efforts.
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Frequently Asked Questions
What does the Major Payment Institution license allow OKX SG to do?
The MPI license permits OKX SG to offer digital payment token services, including cryptocurrency spot trading and cross-border remittance services, in compliance with Singapore’s Payment Services Act.
Who is Gracie Lin?
Gracie Lin is the newly appointed CEO of OKX SG. She has nearly 20 years of experience in finance, technology, and public policy, including roles at Grab, MAS, and GIC. She holds degrees from the University of Chicago and Yale University.
Why is Singapore an important market for OKX?
Singapore is a globally recognized hub for digital assets and fintech innovation. Its clear regulatory framework and strategic location make it a pivotal market for OKX’s expansion in Asia and beyond.
Is OKX a regulated platform?
Yes, OKX operates under regulatory licenses in multiple jurisdictions. The MPI license in Singapore is one of several regulatory approvals that OKX has secured globally.
What services can users in Singapore access through OKX SG?
Users in Singapore can use OKX SG for buying and selling cryptocurrencies (spot trading), as well as for cross-border money transfer services involving digital tokens.
How does OKX ensure compliance and security?
OKX adheres to strict regulatory standards in every market it operates in. The company employs advanced security protocols, including encryption and multi-factor authentication, to protect user assets and data.
OKX continues to focus on building secure, innovative, and user-friendly blockchain-based financial products. The company’s broader mission is to make blockchain technology more accessible and practical for everyday use while maintaining high standards of regulatory compliance.
With the MPI license now secured and a seasoned executive at the helm, OKX SG is well-positioned to play a significant role in Singapore’s digital economy and contribute to the growth of the global Web3 ecosystem.