• OKX Singapore gains MPI license after addressing custodial bank challenges with MAS.
• Singpass integration helps OKX Singapore speed up KYC, improving user verification time.
• Singapore traders lean toward passive crypto strategies, mainly buying and holding assets.

OKX Singapore’s newly appointed CEO, Gracie Lin, opened up about the challenges the company faced for obtaining its Major Payment Institution (MPI) license. Lin spoke about the strict requirements that was needed to move from in-principle approval to a full license in Singapore.

According to Lin, one of the biggest obstacles for OKX Singapore was meeting the requirement for a custodial bank account. This was a crucial condition set by the Monetary Authority of Singapore (MAS) as part of the licensing process.

Read also: OKX Floki Loan: Exchange Explains Auto-Exchange Trigger

Lin noted that one of the most important and difficult conditions is making sure the bank has confidence in its plans and controls. She stressed the importance of this step for moving forward with the license application.

OKX Singapore was officially awarded the MPI license earlier this month, marking a significant mile…

The post Custodial Bank Account Key to OKX Singapore’s MPI License: OKX Singapore CEO appeared first on Coin Edition.

• OKX Singapore gains MPI license after addressing custodial bank challenges with MAS.
• Singpass integration helps OKX Singapore speed up KYC, improving user verification time.
• Singapore traders lean toward passive crypto strategies, mainly buying and holding assets.

OKX Singapore’s newly appointed CEO, Gracie Lin, opened up about the challenges the company faced for obtaining its Major Payment Institution (MPI) license. Lin spoke about the strict requirements that was needed to move from in-principle approval to a full license in Singapore.

According to Lin, one of the biggest obstacles for OKX Singapore was meeting the requirement for a custodial bank account. This was a crucial condition set by the Monetary Authority of Singapore (MAS) as part of the licensing process.

Read also: OKX Floki Loan: Exchange Explains Auto-Exchange Trigger

Lin noted that one of the most important and difficult conditions is making sure the bank has confidence in its plans and controls. She stressed the importance of this step for moving forward with the license application.

OKX Singapore was officially awarded the MPI license earlier this month, marking a significant mile…

The post Custodial Bank Account Key to OKX Singapore’s MPI License: OKX Singapore CEO appeared first on Coin Edition.