SINGAPORE — Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday (March 13).
The logo of OKX cryptocurrency exchange is seen at Hong Kong Web3 Festival, in Hong Kong, China April 13, 2023.SINGAPORE — Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday .
The approval, granted by the Monetary Authority of Singapore, will allow OKX to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.The move comes amid a crypto frenzy that has catapulted bitcoin to record highs, fuelled by investors pouring money into US spot exchange-traded crypto products as well as the prospect that global interest rates may fall.
OKX had in January been granted a regulatory licence in Dubai, allowing it to offer crypto services to retail clients.
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