TechFlow reported, according to The Block, that XREX, an Asia-based cryptocurrency exchange specializing in cross-border payments, has received in-principle approval for a Major Payment Institution (MPI) license in Singapore. This license will ultimately allow it to offer digital payment token products and services in Singapore.
Once fully obtained, the license will enable the company to expand BitCheck, a payment tool supporting fiat currencies, stablecoins, and other cryptocurrencies. Christopher Chye, CEO of XREX Singapore, said: "We look forward to working with MAS to obtain the full license within six months."
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