tl;dr
OKX Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) after overcoming challenges with a custodial bank. Singpass integration has helped improve user verification time. The Singapore market leans toward passive crypto strategies, with use...
OKX Singapore has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) after overcoming challenges with a custodial bank. The integration of Singpass has significantly improved the know-your-customer (KYC) process and reduced the time required for user verification.
Gracie Lin, the newly appointed CEO of OKX Singapore, discussed the difficulties encountered in obtaining the MPI license, highlighting the importance of meeting the custodial bank requirement set by MAS. She emphasized the significance of this milestone for the company's operations within Singapore, particularly in expanding digital asset access and contributing to the country's crypto ecosystem.
Notably, the Singapore market exhibits a preference for passive crypto strategies, with traders primarily opting to buy and hold assets. The Singpass integration, Singapore's digital identity system, has streamlined the KYC process, distinguishing it from other jurisdictions where the verification process can be significantly longer.
OKX Singapore's MPI license enables the exchange to offer various payment services, including digital payment tokens, cross-border transactions, and spot trading of cryptocurrencies, marking a significant progression in the company's journey towards wider financial market integration and mainstream adoption of cryptocurrency.
More about Masco Corporation
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Masco Corporation is a manufacturer of products for the home improvement and new home construction markets.
Sector: Manufacturing
Industry: Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures
Market Cap: 17.83B
P/E Ratio: 19.97
EPS: 1.155
ROE: 4.09%
52-Week High: 35.49
52-Week Low: 0.116
Revenue: 7.878B
Operating Margin: 8.26%
Dividend: 0.009
Beta: -0.017
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