XREX Receives In-Principle Approval for Major Payment Institution License in Singapore
If you’re involved in the crypto industry, you’ll be interested to know that XREX, an Asian crypto exchange focusing on cross-border payments, has secured in-principle approval for a Major Payment Institution (MPI) license in Singapore. This means that the Monetary Authority of Singapore has given initial approval for a license that will allow XREX to offer digital payment token services and products in the city-state.
Once fully acquired, this license will enable XREX to expand BitCheck, a payment tool that facilitates transactions with fiat currencies, stablecoins, and other cryptocurrencies. The CEO of XREX Singapore, Christopher Chye, expressed his intention to secure the full license within the next six months through close collaboration with the MAS.
Wayne Huang, the co-founder and Group CEO of XREX, highlighted the strategic role of XREX Singapore in the company’s overall operations. He mentioned that while XREX Taiwan will continue to be pivotal in product design and engineering, XREX Singapore is set to become the primary provider of products in the Asia Pacific region.
In addition, Chye revealed that the Singapore branch would focus on emerging markets in the vicinity with limited access to USD liquidity.
Singapore’s Growing Attraction for Crypto Companies
Singapore has become known as a welcoming environment for cryptocurrency and web3 enterprises, attracting international companies in these sectors to establish their operations there. Despite challenges within the crypto industry over the past year, such as notable collapses of Three Arrows Capital, Vauld, and Hodlnaut, MAS continues to demonstrate its commitment to engaging with crypto companies. Last month, it granted Coinbase a full MPI license following an earlier in-principle approval. Stablecoin issuer Circle also received an MPI license in June.
Hot Take: Singapore’s Growing Role in Crypto
The approval of XREX’s MPI license highlights Singapore’s increasing role as a hub for cryptocurrency and web3 enterprises. With MAS actively engaging with crypto companies and granting licenses to major players like Coinbase and Circle, Singapore is proving itself as a welcoming environment for these industries. As XREX plans to expand its services in the city-state, it’s clear that Singapore is poised to become a significant player in the Asia Pacific region’s crypto landscape.
By
By
By
By
By