SINGAPORE – Global crypto exchange and Web3 technology company OKX has received an in-principle approval for its licence application to offer digital asset services here.

The company said on March 13 that it has received a preliminary nod from the Monetary Authority of Singapore (MAS) for its major payment institution licence application.

The approval paves the way for OKX to provide digital payment token and cross-border money transfer services in Singapore under the Payment Services Act.

It also sets the stage for the company to build an enhanced, locally tailored suite of products and services for its users, said OKX in a statement on March 13.

OKX president Hong Fang said: “The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem.”

She added: “By combining our global resources with our local knowledge and expertise, we intend to be a long-term participant that brings transparency and access to our customers, while upholding best practices in both regulated and innovation-driven industries.”

OKX is currently available for users in Singapore via its website or the iOS or Google Play apps.