OKX Appoints Former MAS Regulator as Singapore CEO
Crypto exchange firm OKX has announced the appointment of Gracie Lin, a former regulator with the Monetary Authority of Singapore (MAS), as the CEO of its Singapore unit. This move comes alongside the announcement that OKX’s Singapore entity has been granted the full major payment institution (MPI) license from the MAS.
Licensing Milestone for OKX Singapore
With the receipt of the MPI license, which follows in-principle approval received in March, OKX aims to expand its product offerings to better serve customers in Singapore while adhering to local regulations. An official statement from the company emphasized, “The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore.”
Expanded Payment Services with MPI License
The MPI license allows OKX SG to provide a wide range of payment services without limitation. This includes services linked to digital payment tokens and cross-border transactions, alongside spot trading of cryptocurrencies.
Gracie Lin’s Leadership Experience
Gracie Lin’s extensive regulatory background is expected to provide the necessary leadership for OKX’s operations in Singapore. Having served at MAS from 2005 to 2015, she held various significant roles, including deputy director and head of money markets. Lin also contributed to GIC as vice president for business management and most recently focused on strategy and economics at Grab, Southeast Asia’s largest ride-hailing service, which recently partnered with Triple-A to allow users to top up GrabPay wallets using cryptocurrencies.
Expanding OKX’s Presence in Asia Pacific and Europe
OKX has been expanding its services in both the Asia-Pacific region and Europe. The exchange launched its operations in Australia in May, enabling spot trading for all users while allowing verified wholesale clients to engage in derivatives trading. Additionally, in June, the platform introduced a crypto trading platform and a Web3 wallet in the Netherlands.
Regulatory Strategy in Europe and Hong Kong Withdrawal
OKX has also selected Malta as its central hub for compliance with the Markets in Crypto-Assets (MiCA) framework within the European Union, leveraging Malta’s strong regulatory standards and its progressive stance on blockchain technology. However, the exchange withdrew its application for a Virtual Asset Service Provider (VASP) license in Hong Kong and ceased its operations there, without providing any specific reasons for this withdrawal.