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Asia-based crypto exchange XREX has secured in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) license. This initial approval paves the way for XREX to offer digital payment token products and services in Singapore.

“While many of the economic factors troubling financial executives a year ago – from rising interest rates to elevated geopolitical unrest – persist today, the rate of technological progress witnessed over the last 12 months poses a tremendous growth opportunity. Market participants are well aware of this, and most are taking meaningful steps to capitalize on it.”

“The advanced surveillance capabilities provided by this system will help enable us to proactively monitor trading activities, detect irregularities, and swiftly address any potential market misconduct. As a leading digital investment platform and the most downloaded brokerage app in Singapore, we will continue to reinforce our position and take charge to protect investors’ interest.”

The expansion into China represents more than just a geographic milestone for Nuvei. It also adds an essential component to the company’s comprehensive suite of alternative payment methods (APMs), which currently counts 634 different options. These APMs play a crucial role in catering to local market preferences, thereby enhancing Nuvei’s value proposition for businesses looking to penetrate new markets within the APAC region.

Singapore’s financial regulator on Tuesday unveiled its regulatory framework for stablecoins, those cryptocurrencies pegged to fiat money for a more solid and stable asset. As part of this framework, stablecoin issuers seeking approval in Singapore must fulfill specific prerequisites related to value stability, capital reserves, and redemption obligations.