TAIPEI, May 24, 2022 /PRNewswire/ -- Blockchain neo fintech company XREX Inc. announced today that it has registered and acquired approval to be a crypto asset service provider in Lithuania and will now be able to provide cryptocurrency services in Lithuania, adding another piece to its compliance puzzle after it acquired a Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN), Canada's MSB license, and completed Anti-Money Laundering (AML) statements to Taiwan's Financial Supervisory Commission.
Lithuania is known for its fintech industry and blockchain startups. The official approval plants a flag on the European continent for XREX's market expansion.
"XREX is steadfast in its commitment to redefining banking together with banks, regulators, and users. We continue to evaluate and explore the regulatory requirements in Lithuania, the wider EU market, and beyond," said XREX co-founder and CEO Wayne Huang, "We are dedicated to building long-lasting bridges between traditional finance and cryptocurrency for our users."
XREX will provide exchange services for cryptocurrency against fiat currency, as well as operate virtual currency wallet services under Lithuanian regulations. This means that users in Lithuania will soon be able to leverage the XREX platform to conduct fiat money-crypto exchanges, online payment guarantee service BitCheck, and more.
"XREX entering the Lithuanian market represents an important step forward in strengthening ties with Taiwan," said Aušrinė Armonaitė, Lithuanian Minister of the Economy and Innovation. "I am sure that our innovation-fueled, rapidly developing fintech ecosystem in Lithuania will create a suitable environment for XREX to grow."
XREX aims to bridge advanced economies and emerging markets, including India, Africa, the Middle East, and more. Operating in Lithuania will help XREX reduce the distance between the EU and developing countries. The approval also exemplifies the good relations between Lithuania and Taiwan, where XREX's research and development center is located, and the shared ideal of fostering an open culture that accelerates growth in trade and commerce.
"Being the EU's biggest Fintech hub by the number of licensed companies, Lithuania puts AML compliance at the heart of developing a healthy and vibrant Fintech ecosystem," said Elijus Čivilis, General Manager at Invest Lithuania, an investment promotion agency under the Ministry of the Economy and Innovation. "We are glad that XREX has identified Lithuania as a strategic base in Europe. Responsible players like XREX are a welcome addition to our robust Fintech landscape."
XREX Head of Compliance Nick Chang remarked, "XREX abides by Lithuanian law by ensuring that as a virtual asset service provider (VASP), we are fully committed to anti-money laundering (AML) and combating financing of terrorism (CFT) policies. These are the areas of strength for XREX and it makes sense for XREX to get approval from jurisdictions who expect such high standards from VASPs, knowing we are fully committed to being compliant.
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.
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 Earn, XREX Clubs, and Risk Level Detector to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.
Yoyo Chih Wei Yu
SOURCE XREX Inc.