Cryptocurrency exchange OKX announced that its Singaporean subsidiary has received in-principle approval for a payments licence to operate in the city-state.

The company on Wednesday said that the pending Major Payment Institution (MPI) Licence from the Monetary Authority of Singapore (MAS) demonstrated that it is “among the most trusted crypto platforms in the world”.

OKX said that it has been offering its products and services in Singapore under the Payment Services (Exemption for Specified Period) Regulations 2019, and that the in-principle approval from MAS would enable it to provide more access and opportunities to its customers.

In a statement, OKX president Hong Fang said that Singapore “has always been a priority country for us as part of our global strategy”.

OKX in January announced that it had been granted a regulatory licence in Dubai which allows it to offer crypto services to retail clients.

Cryptocurrency has seen renewed interest of late, with Bitcoin – often treated as a barometer for the overall market’s health – reaching a record high value of almost $73,000 this week.

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