The Monetary Authority of Singapore has awarded preliminary permission to XREX.
After initially approving Coinbase in December, the agency finally issued a full MPI license.
XREX, a cryptocurrency exchange located in Asia that focuses on global transactions, was granted in-principle approval for a Major Payment Institution (MPI) license in Singapore.
The Monetary Authority of Singapore (MAS) has awarded preliminary permission to XREX Singapore for a license that would enable the firm to provide digital payment token products and services in Singapore, according to a statement shared by the company.
Once the firm has received the license in its entirety, it will be able to extend BitCheck, a payment tool that accepts fiat currency, stablecoins, and several cryptocurrencies.
Christopher Chye, CEO of XREX Singapore stated:
“Our engagements with the MAS have shown us time and again why they are internationally revered as a leading central bank and financial regulator.”
Crypto-friendly Approach
According to Wayne Huang, XREX’s co-founder and Group CEO, XREX Singapore will take over as the company’s major supplier of goods in the APAC region, while XREX Taiwan will continue to play an important role in the company’s product design, engineering, research, and threat analysis.
Many international firms operating in the cryptocurrency and web 3.0 sectors have established operations in Singapore due to the country’s reputation as a crypto-friendly region. However, the nation’s capital has had to deal with various crypto-related problems over the last year.
It seems like MAS is still interested in working with the crypto industry. After initially approving Coinbase in December, the agency finally issued a full MPI license to the exchange last month. In June, Circle also got an MPI license.