- OKX SG Pte. Ltd. granted a Major Payment Institution license by MAS for digital payment and cryptocurrency services.
- Gracie Lin has been appointed as CEO of OKX SG, bringing extensive experience from Grab, MAS, and GIC.
OKX, a global leader in cryptocurrency exchange and Web3 technology, has grabbed a major achievement in Singapore. The local entity of OKX, OKX SG Pte. Ltd., has been issued a Major Payment Institution license from the Monetary Authority of Singapore (MAS), according to the press release.
By obtaining a license from the Payment Services Act 2019, OKX SG is allowed to provide services such as digital payment tokens and cross-border money transfers, which also include cryptocurrency spot trading in Singapore. The latest move shows that the exchange is indeed serious about consolidating its position in the Asia-Pacific area.
The exchange has chosen Gracie Lin as the new CEO of OKX SG, in order to oversee its activities in Singapore. Lin has an abundance of experience to draw on in this position, as she has worked in the financial, public, and technology sectors for almost two decades.
Her background includes key roles at Grab, a company that Lin led the Regional Strategy & Economics team, and at MAS and the GIC sovereign wealth fund, giving her a thorough comprehension of financial regulation, management, and business strategy. Lin is a graduate of the University of Chicago where she received her Bachelor’s degree in Economics and a Master’s degree in International & Development Economics from Yale University.
In her new job, Lin will concentrate on designing digital payment token products and services that are personalized for the Singaporean customers, which is in line with the exchange’s strategy of promoting innovation and regulatory compliance.
This approval of the MPI license is subsequent to the in-principle approval given to OKX SG in February 2024. Following this full licensed approval, the exchange would build a team of experts who help in supporting its local operations in Singapore and reinforcing the company’s global growth strategy.
OKX Ventures’ Strategic Roadmap
Meanwhile, OKX Ventures which is the investment arm of the exchange is on its way in the changing landscape of cryptocurrency. Recently, a panel discussion at WebX2024 in Tokyo, Japan, Jeff Ren, a partner at OKX Ventures, shared the firm’s strategic roadmap.
He pointed out out that they are particularly focusing on investing in crypto-native projects that yield significant benefits in the blockchain ecosystem. The firm is also eyeing the new asset classes, such as carbon credits, which, even though there are liquidity issues, have bright potential.
Ren highlighted a number of emerging trends, including the evolving use of the Bitcoin network, the blurring boundaries between Bitcoin and other cryptocurrencies, and the part blockchain choices will play in influencing the development of stablecoin projects. He also noted the potential of lNFTs to evolve beyond collectibles into revenue-generating assets, perhaps leading to innovative products like NFT-based ETFs.
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