Cryptocurrency company OKX has hired Gracie Lin, a former Monetary Authority of Singapore (MAS) regulator, as CEO of its Singapore branch.
According to an official statement, the OKX Singapore unit has also received a full master payment institution (MPI) license from MAS. OKX SG received preliminary approval for the MPI license from the regulator in March.
With these announcements, OKX intends to improve its suite of products for our customers in Singapore in accordance with local regulations.
“The country is a key market in our global strategy, and receiving the MPI license marks another milestone for us in our long-term commitment to Singapore.”
The MPI license will allow OKX SG to offer unlimited provision of payment services. This includes services related to digital payment tokens and cross-border transfers, including spot trading in cryptocurrencies.
In addition, Lim’s implementation provides “the right leadership on the ground,” thanks to her extensive regulatory experience. Lim served at MAS from 2005 to 2015, holding the position of deputy director, head of money markets. She was also vice president for business management at GIC.
Most recently, Lim pioneered strategy and economics at Southeast Asia’s largest passenger transportation app, Grab. In March, Grab integrated a cryptocurrency top-up option for its GrabPay e-wallets in partnership with payments company Triple-A.
“Gracie is an extraordinary leader with broad and relevant experience in public policy, investment management, capital markets and technology startups,” OKX noted. “We are fortunate to have her at the helm, driving our growth and investment in the market.”
OKX’s strong position in Asia-Pacific and Europe
The exchange has recently expanded its services, particularly in the Asia-Pacific region and Europe. For example, OKX officially launched its operations in Australia in May, enabling spot trading for all Australian users and derivatives trading for verified wholesale customers in Australia.
In June, the platform also debuted a cryptocurrency trading platform along with a Web3 wallet in the Netherlands.
In addition, OKX has chosen Malta as its compliance center for Markets in Crypto-Assets (MiCA) in the European Union. This is because Malta has a reputation for high regulatory standards and a progressive approach to blockchain and cryptocurrency technology.
However, the cryptocurrency exchange withdrew its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, discontinuing its services. Nevertheless, OKX did not specify any specific reason for the withdrawal.
