According to Foresight News, Asian cryptocurrency exchange XREX has received principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company aims to obtain a full license within six months.
The approval marks a significant milestone for XREX, as it seeks to expand its operations and establish a strong presence in the Asian market. The MPI license will enable the exchange to offer a wider range of services, including digital payment token services, to its customers in Singapore and the region.
As the regulatory landscape for cryptocurrencies continues to evolve, obtaining a license from a reputable regulator like MAS is crucial for exchanges to operate legally and gain the trust of users. This development highlights the growing recognition of digital assets and the importance of regulatory compliance in the rapidly expanding cryptocurrency industry.