CandleFocus OKX Singapore's New CEO Says Custodian Arrangements Were ‘Most Important, Most Difficult’ Part of MPI License
2024-09-19
Author: Content Editor
OKX Singapore's new CEO, Gracie Lin, discussed the challenges of obtaining a license from the Monetary Authority of Singapore (MAS) in a recent interview. She stated that obtaining a custodian bank was the most important and difficult part of the process. The exchange needed a custodial bank account to transition from in-principle approval to a full license. Lin also highlighted the unique aspects of the Singapore market, including the use of the government's digital identity system to expedite the know-your-customer process. Singapore traders are described as passive and prefer buying and holding crypto assets rather than actively trading. The regulated platform only lists tokens that have been pre-vetted by MAS and proven not to be securities.
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