By Kimberley Kao


Crypto exchange OKX is a step closer to offering digital payments in Singapore, becoming the latest cryptocurrency company to be given a regulatory nod in the Southeast Asian financial hub.

OKX, one of the biggest crypto exchanges by trading volume, said on Wednesday that it has received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services and cross-border money transfers.

That "sets the stage for the company to build an enhanced, locally-tailored suite of products and services" for Singapore, the company said in a statement. The country has been a priority for the firm, OKX President Hong Fang said, adding that it will focus on spot crypto products before expanding to other offerings.

Being granted the license would add OKX to the list of crypto exchanges to have secured approvals in Singapore, which includes heavyweights Coinbase and Crypto.com, as well as South Korea's Upbit.

Singapore has tight regulations around crypto trading, but also a reputation as a hub for fintech innovation. It is widely viewed as an attractive--and strategic--market by crypto firms.

OKX is estimated to be the world's fourth-largest cryptocurrency exchange based on 24-hours trading volume as of January 9, according to data provider Statista. It received a regulatory license in Dubai for retail crypto services earlier this year, and last month launched a localized platform in Turkey.

OKX was first launched in Beijing and currently has 50 million users globally, according to the firm.


Write to Kimberley Kao at kimberley.kao@wsj.com


(END) Dow Jones Newswires

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