XREX, a cryptocurrency exchange operating in Asia and focusing on cross-border transactions, reached a noteworthy accomplishment on November 16. The Monetary Authority of Singapore (MAS) granted the exchange an in-principle approval for a Major Payment Institution (MPI) license. This highly significant license enables XREX to offer digital payment token products and services within Singapore. As a result, XREX has cemented its standing as a compliant and regulated participant in the world of digital assets.
Singapore’s Monetary Authority of Singapore (MAS) has a vital function in establishing an advanced and strong system of regulations. This helps to reassure and inspire trust in individuals who interact with digital assets and stablecoins within Singapore. XREX’s endorsement is a testament to its unwavering commitment to upholding the most stringent regulatory norms, thus earning recognition as an authorized digital asset entity by both Singaporean and Taiwanese regulatory bodies.
XREX has become part of the distinguished league of authorized organizations in Singapore, comprising prominent names like Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut. These entities have successfully obtained an MPI license under the regulation of MAS for digital payment token services, placing XREX on par with them.
The CEO of XREX Singapore, Christopher Chye, conveyed his gratitude towards the Monetary Authority of Singapore (MAS) for their meticulous examination of regulations. He highlighted Singapore’s unwavering dedication to inviting accountable participants within the digital asset sector. XREX Singapore is determined to implement efficient, secure, and swift domestic as well as international payment solutions that prove to be economically advantageous for businesses operating in both Singapore and emerging markets.
XREX Singapore is eager to broaden the scope of its crypto-friendly escrow payment solution, BitCheck, once it attains the complete MPI license. By facilitating a wide range of currencies such as fiat, stablecoins, and cryptocurrencies, this tool will greatly amplify the platform’s functionalities, further benefitting users within the region.
XREX’s In-Principle Approval for MPI License in Singapore Paves the Way for Crypto-Friendly Payment Services
XREX’s endorsement by regulatory authorities conforms perfectly to its overarching goal of closing the divide between blockchain-based finance and conventional financial systems. This positive regulatory backing places XREX in an advantageous position to strengthen its partnerships with leading banks, credit card companies, and payment service providers. The approval covers an extensive array of payment offerings, including account creation, domestic and international fund transfers, merchant recruitment, e-currency distribution, and digital payment token solutions.
XREX Singapore has been designated as the group’s central hub for the Asia Pacific region, underscoring its crucial responsibility in promoting the widespread acceptance of digital assets throughout APAC. The organization strives to emerge as a prominent source of inventive financial offerings, placing particular emphasis on offering businesses in Singapore and emerging markets affordable, reliable, and expeditious domestic and international payment options.
XREX Attains Regulatory Milestone as Sole Digital Asset Entity Approved by Singaporean and Taiwanese Regulators
XREX Group has achieved a remarkable milestone by becoming the only digital asset organization to obtain regulatory endorsements from both Singaporean and Taiwanese authorities for its virtual asset offerings. This significant triumph highlights the company’s dedication to complying with and surpassing regulatory protocols in various regions, establishing itself as a prominent figure in the cryptocurrency sphere.
MAS has received numerous applications for approval from Digital Payment Token Service Providers (DPTSPs) since the implementation of the licensing system in January 2020. However, the number of entities that have been approved for Digital Payment Token (DPT) licenses and in-principle approvals by MAS is less than 20 out of all the applications received.
Despite encountering difficulties with crypto entities like Three Arrows Capital, Vauld, and Hodlnaut in the previous year, Singapore has managed to build a favorable image as a jurisdiction open to cryptocurrency. The response from the Monetary Authority of Singapore (MAS) indicates a dedication to collaborating with crypto firms and creating a safe environment for such activities within the nation.
MAS has recently collaborated with regulatory authorities to grant Coinbase a full Major Payment Institution (MPI) license. This comes after receiving in-principle approval in the previous year. Furthermore, Circle has also obtained an MPI license in Singapore during June. These advancements highlight the continuous and beneficial interaction between cryptocurrency companies and regulatory bodies in Singapore.
Frequently Asked Questions:
1. What has XREX accomplished recently in Singapore?
On November 16, XREX, an Asian cryptocurrency exchange that specializes in facilitating cross-border payments, obtained preliminary authorization from the Monetary Authority of Singapore (MAS) for a license as a Major Payment Institution (MPI).
2. In Singapore, what specific privileges and activities are granted to XREX through the Major Payment Institution (MPI) license?
XREX has been granted the MPI license, which enables it to offer digital payment token products and services in Singapore. This ensures that XREX operates within the regulations and guidelines in the digital asset industry, establishing it as a compliant and regulated entity in this space.
3. Why does the approval hold great importance for XREX?
XREX’s recognition signifies its dedication to upholding regulatory norms and positions it as one of the authorized digital asset organizations recognized by regulatory bodies in Singapore and Taiwan.
4. The impact of MAS on the regulatory framework governing digital assets in Singapore is what exactly?
In Singapore, the creation of a forward-thinking regulatory framework is essential for ensuring users’ trust and understanding when interacting with digital assets and stablecoins. The involvement of MAS is pivotal in achieving this goal, as it fosters an environment that instils confidence and clarity in the minds of individuals.
5. What are XREX’s plans for navigating through MAS’s regulations about digital payment token service providers?
To provide digital payment token services under the regulatory framework of MAS, XREX, a Digital Payment Token Service Provider (DPTSP), must possess an MPI license.
6. Are there any other establishments in Singapore that possess comparable licenses?
XREX becomes a member of an exclusive roster of authorized entities, comprising renowned participants like Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.