OKX, a prominent crypto firm, has appointed former Monetary Authority of Singapore (MAS) regulator Gracie Lin as the CEO of its Singapore unit. This move comes as OKX Singapore has received the full major payment institution (MPI) license from the MAS. The company had previously received in-principle approval for an MPI license in March. With these developments, OKX aims to improve its product offerings for Singapore customers while complying with local regulations. The MPI license will enable OKX SG to provide payment services without any limitations, including those related to digital payment tokens and cross-border transfers, as well as spot trading of cryptocurrencies.
Gracie Lin’s appointment brings valuable leadership to the company, given her extensive regulatory experience. Lin served at MAS from 2005 to 2015, holding the position of deputy director and head of money markets. She also worked as the vice president for business management at GIC before leading strategy and economics at Grab, a major ride-hailing app in Southeast Asia. OKX praises Lin as an exceptional leader with expertise in public policy, investment management, capital markets, and tech startups. The exchange expresses gratitude for having her on board to drive growth and investment in the Singapore market.
In recent months, OKX has been expanding its services globally, particularly in the Asia-Pacific region and Europe. In May, the company officially launched operations in Australia, offering spot trading for all Australian users and derivatives trading for verified wholesale clients. In the Netherlands, OKX introduced a crypto trading platform and a Web3 wallet in June. Moreover, Malta has been chosen as the company’s hub for Markets in Crypto-Assets (MiCA) compliance within the EU due to the country’s regulatory standards and progressive stance on blockchain and cryptocurrencies.
Despite these positive developments, OKX has decided to withdraw its Virtual Asset Service Provider (VASP) license application in Hong Kong, leading to the cessation of its services in the region. However, the exchange has not disclosed the specific reasons behind this decision. It is important to note that OKX’s focus remains on strengthening its presence in key markets, such as Singapore, Australia, and Europe, by enhancing its offerings and ensuring compliance with local regulations. The appointment of Gracie Lin and the attainment of the MPI license in Singapore demonstrate OKX’s commitment to long-term growth and success in the global crypto market.
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