Cryptocurrency exchange XREX has received in-principle approval for a Major Payment Institution (MPI) license in Singapore

ChainCatcher news, according to The Block, the Asia-based cryptocurrency exchange XREX, which specializes 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 the license is fully obtained, it will enable the company to expand BitCheck, a payment tool that supports fiat currencies, stablecoins, and other cryptocurrencies.

XREX Singapore CEO Christopher Chye stated, "We look forward to working with MAS to obtain the full license within six months."