OKX Singapore (OKX SG) recently received a license from the Monetary Authority of Singapore (MAS), marking a significant step for the exchange in the region. In a recent interview, Gracie Lin, the newly appointed CEO of OKX SG, discussed the process of obtaining the license and the unique aspects of the Singaporean market.

Lin emphasized the importance of securing a bank account for custodial services, which was a crucial requirement for transitioning from an in-principle approval to a full license. “The most important condition, and in some cases, the hardest, is that the bank has to be comfortable with you: What do you bring to the table, your plans, your controls," she explained. "Meeting that requirement was a critical step in getting a full license and completing the transition process.”

In Singapore, OKX utilizes Singpass, the government's digital identity system, to expedite the KYC (Know Your Customer) process. This allows for faster verification compared to other jurisdictions where it can take hours or even days.

Lin also noted that Singaporean traders are often described as passive, tending to buy and hold their crypto assets rather than actively trading. She further clarified that not every cryptocurrency is available on this regulated platform, as they must undergo pre-approval by the MAS.

"We have to provide legal opinions that the tokens are not securities, as well as due diligence and risk assessments that we submit to MAS," she added. "We launched with 21 tokens in the region initially. As of September 2nd, we have expanded that to over 50 tokens and have submitted additional token applications to MAS. Once approved, we will also list those tokens."

Earlier in September, it was announced that OKX SG had obtained a major payment institution license in Singapore and appointed Gracie Lin as its CEO. (CoinDesk)