Crypto exchange OKX receives in-principle approval for Singapore payments licence


FILE PHOTO The logo of OKX cryptocurrency exchange is seen at Hong Kong Web3 Festival in Hong Kong China April 13 2023. REUTERSTyrone SiuFile Photo

FILE PHOTO: The logo of OKX cryptocurrency exchange is seen at Hong Kong Web3 Festival, in Hong Kong, China April 13, 2023. REUTERS/Tyrone Siu/File Photo

SINGAPORE (Reuters) - Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday.

The approval, granted by the Monetary Authority of Singapore, will allow OKX to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.

OKX President Hong Fang said the Southeast Asian country is a "priority market" for the firm.

The move comes amid a crypto frenzy that has catapulted bitcoin to record highs, fuelled by investors pouring money into U.S. spot exchange-traded crypto products as well as the prospect that global interest rates may fall.

OKX had in January been granted a regulatory licence in Dubai, allowing it to offer crypto services to retail clients.

(Reporting by Rae Wee; Editing by Jamie Freed)

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