Gracie Lin emphasized that obtaining a custodial bank account was a crucial and complex part of securing a full license from the Monetary Authority of Singapore. She remarked, "The most important condition, and in some cases the most difficult, is that the bank has to become comfortable with you: what you bring to the table, your plans, and the controls you have in place. Fulfilling that requirement was a major step toward obtaining the full license and completing the conversion process."
Gracie Lin shared insights into the Singapore crypto market, highlighting that Singaporean traders tend to favor a buy-and-hold strategy over active trading, stating that they are primarily HODLers.
Lin explained, "Obtaining a custodial bank account is essential in transitioning from in-principle approval to a full license. The challenges posed by regulatory requirements demonstrate Singapore's commitment to establishing a safe and structured crypto environment for traders."
Discussing Singapore's regulatory environment, Lin noted the effectiveness of using the government's digital identity system, Singpass, which streamlines the know-your-customer processes significantly when compared to other jurisdictions.
#okx-singapore #cryptocurrency-licensing #custodial-bank #monetary-authority-of-singapore #digital-identity-system
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