XREX Secures Singapore MPI License, Expands Cross-Border Crypto Payments and Supports Taiwan’s VASP
Taiwan-based XREX has obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), becoming the first Taiwanese financial entity to secure this license. This milestone enables XREX to provide a wide range of payment services, including fiat-to-crypto and crypto-to-crypto transactions, globally. The company’s founders, Wayne Huang and Winston Hsiao, have discussed their business outlook, emphasizing the potential of cross-border crypto payments and their plans to support Taiwan’s emerging Virtual Asset Service Providers (VASP) association. The license illustrates XREX’s commitment to regulatory compliance and anti-money laundering measures. Furthermore, XREX aims to form strategic partnerships with major banks and payment providers to integrate traditional and blockchain-based finance. These developments highlight XREX’s proactive stance in combating financial crimes and fostering financial inclusion.
Bullish
The acquisition of the MPI license by XREX is a significant development in the cryptocurrency market, particularly for cross-border payments. The license not only signifies regulatory approval but also enables XREX to expand its services globally, offering both fiat-to-crypto and crypto-to-crypto transactions. The proactive stance in adhering to anti-money laundering regulations strengthens trust among users and stakeholders. These factors are likely to boost investor confidence and drive market interest in XREX’s services, leading to a positive impact on the overall crypto market in both the short-term and long-term.