Crypto Exchange OKX Granted In-Principle Approval to Offer Services in Singapore

Crypto exchange OKX has received in-principle approval for a digital asset license from Singapore’s central bank, marking a significant step towards regulatory compliance in the country. The next step for OKX is to obtain approval for a Major Payment Institution License, allowing the provision of payment services without transaction volume limits. Currently, 18 entities, including Blockchain.com, Circle, and Coinbase, have obtained this full license in Singapore. This approval comes amid a resurgence in the crypto market, with Bitcoin reaching a new record high above $72,000. OKX President Hong Fang expressed excitement about the opportunity to contribute responsibly to the Singapore crypto ecosystem. The exchange has also been expanding its services globally, including plans to provide wallet services in India and gaining regulatory approval in Dubai. However, OKX recently shut down its Mining Pool and related services due to business adjustments.