The order focuses on a collaborative government agency effort towards ‘urgent’ CBDC development and Bitcoin and cryptocurrency regulation.

The South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. Aligning Local Laws With FATF Standards The South African Treasury has said it expects the proposals to include crypto asset service providers […]

The Securities and Commodities Authority (SCA) in UAE is reportedly in the final stages of finalizing the legislation that would allow virtual asset service providers (VASPs) to establish themselves in the country, reported Bloomberg. A national crypto licensing legislation would help UAE with its goal to become a leading crypto-friendly jurisdiction.   The regulators are working on […]

Read full post The UAE is reportedly planning to issue a federal crypto license for virtual asset service providers. on Chaintimes.com.

The publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST (Travel Rule Universal Solution Technology).” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule. There are currently 18 crypto firms that have joined TRUST so far, and the collaborative effort is […]

CoinDCX, the popular India-based crypto exchange, announced today that it has selected crypto-native risk monitoring firm Solidus Labs as a strategic compliance partner. With the aim to protect its users from known forms of market abuse and emerging crypto-specific risks, partnering with Solidus will enable CoinDCX to forge greater trust and transparency on its platform. […]

The post India-based crypto exchange CoinDCX beefs up AML protection with Solidus Labs appeared first on CryptoNinjas.

The crypto revolution is transforming traditional finance systems by increasing access to financial services, accelerating transfers and bringing transparency and auditability to finance transactions. These are amazing enhancements. To sustain the viability of this new, decentralized digital economy, it is…

The post Setting the Record Straight: Law and Policy Are Not at Odds with Crypto Analytics appeared first on CipherTrace.

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A roadmap on cryptocurrencies has been prepared by a number of ministries, regulatory bodies, and law enforcement agencies, Russian media reported. The document, which aims to regulate Russia’s crypto market by the end of this year, comes amid disagreements between the central bank and other government institutions about the future of decentralized digital money in […]

As Bitcoin becomes more widely accepted in Nigeria, the country offers lessons in self-custody practices for Bitcoiners in developing nations.

The Travel Rule, which now governs service providers in the digital currency ecosystem, is arguably not a source of concern as a new report from Notabene shows many firms in the space are in compliance already. (Read More)

Bitcoin was created to obliterate the type of control that the FATF seeks to enforce.

XREX acquires the Money Service Business (MSB) license from Canada as it seeks to serve more cross-border merchants and expats in North America and around the globe.

Taipei, Taiwan, January 26, 2022 -- XREX Inc. announced today that it has obtained the Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Centre (FINTRAC) under the Canadian government. The license allows the Taipei-based neo fintech firm to extend its crypto-fiat exchange services, which includes cross-border payments, remittances, global transfers, foreign exchange, and virtual assets dealing to clients. 

“Security, transparency, and compliance are the keystones of XREX. As a fully registered MSB under FINTRAC, we are once again demonstrating our industry-leading ability and commitment to creating a secure platform to combat bad actors and protect our users from crypto-related crimes,” said Nick Chang, Head of Compliance at XREX. 

As one of the most vibrant financial markets in the world, Canada is the home of millions of immigrants and cross-border entrepreneurs. Many of whom must handle remittances, receivables, and international payouts of various scales on a daily basis. Partnering with a government-approved platform like XREX is crucial to their success as they transact with their counterparts all over the world each day, in particular India, Africa, and other emerging markets. To date, XREX is the only Taiwan-based firm to have been granted the MSB license from FINTRAC. 

“This license not only recognizes XREX's ability to protect its users, but it also allows Canada-based users to leverage XREX's time-tested platform to safely facilitate their financial transactions at low costs and in real time,” said Catherine Lee, an advisor from Toronto Global, an investment attraction agency that helps the Governments of Ontario attract promising firms and foreign investment to Canada.

As Canada is one of the global standard bearers in financial regulations and digital assets protections, the acquisition of the MSB status is paramount to XREX's goal of serving more clients in Asia, Europe, the Middle East, and South America in near future, said Chang. 

XREX is in the process of applying to the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, which will allow XREX to conduct money transfers, business payments, money-changing, and digital payment token services. In addition, XREX has completed the filing of its Compliance Statement on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) to Taiwan's Financial Supervisory Commission (FSC).

Founded in 2018 and led by internationally-recognized cybersecurity leader Dr. Wayne Huang, XREX comprises a team of experts in compliance, cryptocurrency, blockchain, fintech, and cross-border payments. XREX's protection and detection mechanisms such as Anti-Money Laundering (AML) and Know Your Customers (KYC), help cross-border merchants and businesses in emerging markets to compete on a clean and even playing field. 

XREX recently onboarded a full suite of tools from the world's top digital intelligence and forensics providers--CipherTrace and TRM Labs, making XREX one of the most tightly secure and trustworthy crypto firms in the world. 

XREX is a member of the Travel Rule Information Sharing Alliance (TRISA), a coalition of top crypto companies to combat money laundering, scams, and illicit actors in the global crypto industry. Earlier, Wayne published a CEO letter to announce that XREX is Financial Action Task Force (FATF) Travel Rule compliant.

To find out how your business can leverage XREX as a crypto-fiat exchange partner, please contact us at [email protected], or on Telegram, Twitter, Facebook, Blog, and LinkedIn. 

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ABOUT XREX
XREX is a neo fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy. 

Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as BitCheck, XREX Circles, Risk Level to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.

Media Contacts

Yoyo Yu
Director, CEO Office at XREX Inc.
[email protected]