Former MAS Regulator to Head Crypto Exchange OKX’s Singapore Unit
Former MAS Regulator to Head Crypto Exchange OKX’s Singapore Unit
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Crypto firm OKX has onboarded former Monetary Authority of Singapore (MAS) regulator Gracie Lin as CEO of its Singapore unit.
Per the official statement, OKX Singapore entity has also received the full major payment institution (MPI) licence from the MAS. OKX SG, received in-principle approval for an MPI licence from the regulator in March.
With these announcements, OKX aims to enhance its product suite for our Singapore customers in line with local regulations.
“The country is a key market in our global strategy, and receiving an MPI license marks another milestone for us in our long-term commitment to Singapore.”
The MPI license will allow OKX SG to offer unlimited provision of payment services. This includes services related to digital payment tokens and cross-border transfers, including spot trading of cryptos.
Additionally, Lim’s onboarding brings “the right leadership on the ground,” with her extensive experience in regulations.
Lim served the MAS from 2005-2015, reaching the post of deputy director, head of money markets. She was also the vice president for business management at GIC.
Most recently, Lim spearheaded strategy and economics at South East Asia’s largest ride-hailing app – Grab. In March, Grab integrated the option of topping up their GrabPay e-wallets in cryptocurrencies in partnership with payment firm Triple-A.
“Gracie is an extraordinary leader with broad and relevant experience in public policy, investment management, capital markets and tech startups,” OKX noted. “We’re fortunate to have her at the helm, driving our growth and investment in the market.”
The exchange has recently expanded its services, particularly in the Asia-Pacific region and Europe. For instance, OKX officially launched its operations in Australia in May, enabling spot trading for all Aussie users and derivatives trading for verified wholesale clients in Australia.
In June, the platform also debuted a crypto trading platform along with a Web3 wallet in the Netherlands.
Further, OKX has also chosen Malta as its hub for Markets in Crypto-Assets (MiCA) compliance within the European Union. This is because, Malta serves a reputation for high-regulatory standards and has a progressive approach to blockchain technology and cryptocurrencies.
However, the crypto exchange has withdrawn its Virtual Asset Service Provider (VASP) license application in Hong Kong, ceasing its services. Nevertheless, OKX did not specify any particular reason for its withdrawal.