SINGAPORE (Reuters) – Cryptocurrency exchange OKX’s Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday.

The approval, granted by the Monetary Authority of Singapore, will allow OKX to provide digital payment token and cross-border money transfer services in Singapore, which has emerged as a centre for crypto in Asia in recent years.

OKX President Hong Fang said the Southeast Asian country is a “priority market” for the firm.

The move comes amid a crypto frenzy that has catapulted bitcoin to record highs, fuelled by investors pouring money into U.S. spot exchange-traded crypto products as well as the prospect that global interest rates may fall.

OKX had in January been granted a regulatory licence in Dubai, allowing it to offer crypto services to retail clients.

(Reporting by Rae Wee; Editing by Jamie Freed)

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