The licence, confirmed after an in-principle approval in February 2024, allows the exchange to provide digital payment token services and facilitate cross-border money transfers. OKX Singapore’s offerings will now include spot trading of cryptocurrencies for users within the country.
Company officials remarked that Singapore's position as a leading hub for digital assets makes it a key market for OKX. They noted that obtaining the MPI licence is a significant development for the company and reiterated their commitment to expanding access to digital assets while supporting the broader ecosystem. OKX now joins other licensed cryptocurrency exchanges in Singapore, such as Independent Reserve and Coinhako.
In August 2024, OKX released research authored by Economist Impact, which highlighted institutional investors’ view on digital assets. According to OKX’s research, there are four crucial focus areas for institutions considering entry into the digital asset market: asset allocation, custody, regulation, and risk management. Liquidity, market integration and compliance are also underlined as important factors for market entry.
The focus areas and insights that emerged in the research brief were gathered from an Economist Impact roundtable discussion in Dubai in the second quarter of 2024 featuring senior business leaders in digital assets and finance, as well as desk research and interviews of representatives of prominent financial services and investment companies, including Citi, Al Mal Capital, Skybridge Capital, VanEck, and others.
In May 2024, OKX launched its cryptocurrency exchange services in Australia. Following this move, the platform gained the ability to facilitate spot trading for all users and derivatives trading exclusively for verified wholesale clients in Australia. According to the official press release, with this launch, OKX became the largest global cryptocurrency exchange to offer direct Australian Dollar (AUD) deposits and withdrawals to Australian users.
Australian users of OKX gained the ability to deposit and withdraw AUD via most Australian banks, alongside access to express buy/sell, peer-to-peer (P2P), and conversion functions, in addition to spot trading.
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