A Major Payment Institution (MPI) license in Singapore has been granted in principle to XREX, an Asian cryptocurrency exchange specializing in cross-border payments.
The Monetary Authority of Singapore gave XREX first permission for a license that would eventually enable the company to provide digital payment token services and products in the city-state on November 17, the company stated on X (previously Twitter).
After the license is fully obtained, the business will be able to grow BitCheck, a payment tool that makes it easier to transact with fiat money, stablecoins, and other cryptocurrencies. According to Christopher Chye, CEO of XREX Singapore:
“Hard-fought, the approval from the MAS has taken years to come to fruition, and rightly so. Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and our industry as a whole.”
Chye also disclosed that the business plans to work closely with the MAS to obtain the entire license in six months. Co-founder and group CEO of XREX Wayne Huang emphasized the strategic importance of XREX Singapore to the business’s entire operations.
Although XREX Taiwan will remain essential for product design, engineering, research, and threat analysis, he stated that XREX Singapore is expected to overtake it as the region’s main supplier of goods in the Asia Pacific area.
Chye went on to say that the Singapore office would concentrate on nearby emerging markets, especially those with restricted access to USD liquidity.
Due to its reputation as a friendly place for web3 and cryptocurrency businesses, Singapore has drawn foreign businesses involved in these industries to set up shop there.
However, the city-state has had to deal with difficulties in the cryptocurrency space over the past year, including the failures of Three Arrows Capital, Vauld, and Hodlnaut.
MAS keeps showing that it is dedicated to working with cryptocurrency companies. After first approving Coinbase in principle, it awarded the company a full MPI license last month. In June, an MPI license was also granted to Circle, the stablecoin issuer.
