Cryptocurrency trade OKX’s Singapore subsidiary has acquired in-principle approval for a funds licence to function within the city-state, the agency stated on Wednesday.
The approval, granted by the Financial Authority of Singapore, will enable OKX to offer digital cost token and cross-border cash switch providers in Singapore, which has emerged as a centre for crypto in Asia lately.
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OKX President Hong Fang stated the Southeast Asian nation is a “precedence market” for the agency.
The transfer comes amid a crypto frenzy that has catapulted bitcoin to file highs, fuelled by buyers pouring cash into U.S. spot exchange-traded crypto merchandise in addition to the prospect that international rates of interest might fall.
OKX had in January been granted a regulatory licence in Dubai, permitting it to supply crypto providers to retail purchasers.
