OKX, a worldwide crypto trading platform and company focusing on Web3 tech, has hit a big achievement by gaining an initial approval for a Major Payment Institution (MPI) license in Singapore.

Getting the green light from the Monetary Authority of Singapore (MAS), the top financial overseer of the country, was granted to OKX’s local branch, OKX SG.

This approval opens doors for OKX to provide digital payment token services and overseas transfers in Singapore, going beyond the limits on transaction volumes set by MAS for payment firms.

Hong Fang, the president of OKX, underlined Singapore as a pivotal part of the company’s global plan, pointing to the country’s well-defined and considerate regulatory setup that appeals to entrepreneurs exploring new markets.

Fang also praised Singapore’s tech-savvy first users, making it a great market for OKX to cultivate long-lasting relations with its customers.

With the initial approval, OKX intends to concentrate on its main product in Singapore at first, with future plots to bring in local banking links for patrons and widen its services.

The MPI license grants OKX the go-ahead to establish multiple payment services, surpassing the 3 million Singapore dollar cap (about $2.2 million) for a single payment service and the monthly 6 million Singapore dollar limit ($4.4 million) for two or more payment services.

This milestone comes after OKX’s recent win in obtaining a provisional license from Dubai’s Virtual Assets Regulatory Authority, which authorized the offering of regulated services for virtual asset service providers in the area.

OKX joins a growing lineup of crypto firms like BitGo, Crypto.com, Coinbase, and Ripple, who have secured payment institution licenses in Singapore, further cementing the city-state’s role as a leading crypto hotspot in Asia.