In a recent interview, Gracie Lin, the newly appointed CEO of OKX Singapore (OKX SG), talked about the exchange’s process of obtaining a license from the Monetary Authority of Singapore (MAS) earlier this month, and the unique features of the Singapore market.
Lin explained that obtaining a custodial bank account was one of the most important conditions that OKX needed to meet in order to transition from in-principle approval to full licensing. “The most important condition, and in some cases the most difficult condition, is that the bank has to be happy with you: what you can bring, your plan, your controls, and satisfying that requirement is an important step in obtaining full licensing and completing the conversion process.”
In Singapore, OKX is reportedly able to use the government’s digital identity system, Singpass, to speed up the KYC process, which can take hours or days in other jurisdictions.
For their part, Singaporean traders are often described as passive, preferring to buy and hold their crypto assets rather than actively trade them, Lin said. Not every token can be used on this regulated platform, as they must be pre-vetted by the MAS, Lin explained.
She added: “We had to provide a legal opinion that the tokens were not securities, as well as the due diligence and risk assessment we submitted to MAS. Initially, we listed 21 tokens in the region. As of September 2, we have expanded this to more than 50 tokens and have submitted additional applications to MAS. Once approved, we will also list these tokens.” She continued. (CoinDesk)
Earlier in September, it was reported that OKX SG obtained a large payment institution license in Singapore, and Gracie Lin became the CEO. #ETH
