XREX, an Asia-based crypto exchange specialising in cross-border payments, has gained in-principle approval in Singapore for a Major Payment Institution (MPI) license.
The Monetary Authority of Singapore (MAS) has granted initial approval for a license, enabling XREX to offer digital payment token products and services in the city-state.
The forthcoming license will empower the expansion of BitCheck, XREX’s payment tool supporting fiat, stablecoins, and other cryptocurrencies.
XREX anticipates acquiring the full license within six months, aiming to position XREX Singapore as the primary provider in the Asia Pacific (APAC) region.
MAS’s commitment to engaging with crypto firms remains evident, demonstrated by the recent full MPI license granted to Coinbase.
Just yesterday, Coinlive reported on how a similar in-principle approval was granted to XSGD issuer StraitsX.