Asia-based Crypto Exchange XREX Secures In-Principle Approval for Major Payment Institution License in Singapore
On November 16, XREX, an Asia-based cryptocurrency exchange specializing in cross-border payments, achieved a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will empower XREX to provide digital payment token products and services in Singapore, solidifying its position as a compliant and regulated player in the digital asset space.
The Monetary Authority of Singapore (MAS) plays a crucial role in creating a progressive and robust regulatory framework, providing clarity and confidence for users engaging with digital assets and stablecoins in Singapore. XREX’s approval reflects its dedication to adhering to the highest regulatory standards and positions it among the approved digital asset entities by both Singaporean and Taiwanese regulators.
Operating under MAS’s regulation of digital payment token service providers, a DPTSP (Digital Payment Token Service Provider) is required to hold an MPI license to offer digital payment token services. XREX now joins an esteemed group of approved entities in Singapore, including major players such as Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.
Christopher Chye, CEO of XREX Singapore, expressed appreciation for MAS through regulatory scrutiny, emphasizing Singapore’s commitment to attracting responsible actors in the digital asset industry. XREX Singapore plans to introduce cost-effective, secure, and fast domestic and cross-border payments for businesses in Singapore and emerging markets.
“This is great for Singapore and great for our industry as a whole. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for
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