OKX SG’s new CEO: Over 50 cryptocurrencies have been launched in Singapore, and the company is applying to the Monetary Authority of Singapore to list more tokens

Odaily Odaily News OKX Singapore (OKX SG)'s new CEO Gracie Lin recently spoke in an interview about the exchange's process of obtaining a license from the Monetary Authority of Singapore (MAS) earlier this month, as well as the uniqueness of the Singapore market. Lin explained that obtaining a custodial bank account is one of the most important conditions that OKX needs to meet in order to transition from in-principle approval to a full license. "The most important condition, and in some cases the most difficult condition, is that the bank must be satisfied with you: what you can bring, your plan, your control measures, and meeting this requirement is an important step in obtaining a full license and completing the conversion process." It is reported that in Singapore, OKX is able to use the government's digital identity system Singpass to speed up the KYC process, which may take hours or days in other jurisdictions. For their part, Singaporean traders are often described as passive, and they tend to buy and hold their crypto assets rather than actively trade, Lin said. Lin explained that not every token can be used on this regulated platform because they must be pre-reviewed by the MAS. She added: "We have to provide a legal opinion that the tokens are not securities, as well as the due diligence and risk assessment we submitted to MAS. Initially, we launched 21 tokens in the region. As of September 2, we have expanded it to more than 50 tokens and have submitted additional applications to MAS. Once approved, we will also launch these tokens." She continued. (CoinDesk) Earlier in early September, OKX SG was awarded a large payment institution license in Singapore, and Gracie Lin became CEO.