Cryptocurrency exchange OKX announced that its Singaporean subsidiary has received approval in principle to run a payments license in the city-state.
The cryptocurrency exchange OKX said on Wednesday that its Singaporean company has been granted in-principle clearance to operate a payments license in the city-state.
With the Monetary Authority of Singapore’s approval, OKX will be able to offer cross-border money transfer services and digital payment tokens in Singapore, which has become a hub for cryptocurrency in Asia in recent years.
According to OKX President Hong Fang, the nation in Southeast Asia is a “priority market” for the company.
The decision comes amid a cryptocurrency frenzy that has sent bitcoin to all-time highs, driven by speculators flooding the market with cash for exchange-traded U.S. spot products and the possibility of a decline in global interest rates.
OKX received a regulatory license in Dubai in January, enabling it to provide cryptocurrency services to individual customers.
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