Taiwan’s thriving cryptocurrency financial group, XREX, has officially obtained the Major Payment Institution (MPI) license from Singapore’s Monetary Authority. Co-founders Huang Yaowen and Xiao Huizong shared their business outlook and diverse approaches to cross-border cryptocurrency payments with Dynamic Zone. They also discussed the upcoming official establishment of the domestic Virtual Asset Service Providers (VASP) Association, expressing their desire to collaborate with industry peers as a driving force for the development of virtual currency applications.
Index:
– MPI License: The Key to Encryption
– Singapore’s Regulatory Style for Cryptocurrency
– The Establishment of Taiwan’s VASP Association
– Breaking Free from the Original Sin of Encryption: Fighting Fraud and Money Laundering
– The Association is not a Company: No One Has the Final Say
XREX, a cryptocurrency financial group, has achieved a significant milestone for Taiwan’s virtual asset industry by becoming the first financial institution in Taiwan to obtain the Major Payment Institution (MPI) license from Singapore. Although it was not unexpected, the XREX team is filled with a sense of accomplishment and joy. With a foundation in blockchain finance, the group has obtained an internationally recognized license and compliance with anti-money laundering regulations, undoubtedly opening doors to more countries in the financial sector.
Taking advantage of this opportunity, Dynamic Zone conducted a special interview with XREX’s co-founders and CEO, Huang Yaowen (Wayne), and co-founder and Chief Revenue Officer, Xiao Huizong (Winston). They discussed the journey from obtaining the MPI license and then shifted the focus to the domestic cryptocurrency industry’s future prospects and the official establishment of the association.
Firstly, Dynamic Zone sought to understand from the two XREX leaders what the Major Payment Institution (MPI) license, issued by the Monetary Authority of Singapore (MAS), represents. Wayne briefly and cheerfully replied:
“To expand cross-border finance, in addition to expertise, we need a handy weapon. From the beginning, XREX has focused on blockchain technology in B2B cross-border remittances, while also considering the technological and foreign exchange market disparities in emerging countries. The MPI license from Singapore is a crucial license that hits the mark.”
Winston confirmed its importance and added:
“As we look to the future, we need extensive calculations and market testing during the 18-month planning phase for new business. While obtaining the license is a significant milestone, our plans are already set on the road to expanding cross-border financial services. It is undeniable that using cryptocurrencies as a solution for fiat currency settlement can meet the practical needs of various countries. It is also commendable that the Singaporean government has shown remarkable sensitivity to cryptocurrencies, incorporating them into important financial applications such as payments years ago.”
Reflecting on years of negotiations with the Monetary Authority of Singapore, Winston appreciates their meticulous and pragmatic approach. He earnestly acknowledges their clear communication:
After discussing cryptocurrency regulations by the Singaporean authorities, the conversation turned to the domestic cryptocurrency industry. In March, the Virtual Asset Service Providers (VASP) Association received approval from Taiwan’s Ministry of the Interior to organize and is expected to be formally established within three months. Winston, who also serves as the Chairman of the Preparatory Committee for the VASP Association in the Republic of China, continued discussing the formal establishment of the association. They are working on drafting the association’s articles of incorporation and conducting elections for directors and supervisors. They have also been actively recruiting various industry players to join the association. The efficiency displayed by the group of cryptocurrency industry members on the founders’ list is impressive.
In addition to having a final version of the association’s articles of incorporation, the completion of elections for directors and supervisors, and the need to recruit various cryptocurrency industry players, the attributes of the board of directors and supervisors must be balanced and flexible. There have been rumors suggesting that Winston, who has contributed significantly during the preparatory phase of the association, will likely become the chairman in the formal establishment. However, Winston expresses helplessness towards such statements, saying:
In other words, Winston believes that the chairman position is not his to claim. Instead, it serves as a driving force for domestic regulation. XREX currently has close communication with government agencies, including the Financial Supervisory Commission and the Securities and Futures Bureau. In essence, the association serves as the foundation for private-sector players to strengthen themselves. It needs to attract and reconcile various cryptocurrency-related industry players, supporting each other and sharing resources.
With regard to the well-established cryptocurrency industry in Taiwan, Dynamic Zone shared that many foreign companies, including cryptocurrency exchanges, cloud mining companies, and technology companies, have shown interest in Taiwan in the past year. Some even formed delegations to visit Taiwanese officials or interacted with domestic industry players to understand the regulatory landscape.
There have been rumors suggesting that some Taiwanese industry players are unwilling to welcome foreign companies unless they demonstrate “sincerity” and establish relationships through dialogue with domestic associations and authorities. XREX disagrees with such claims. Wayne furrows his brows and says:
Winston, speaking from the perspective of the association, comments on these rumors:
Lastly, it is evident that Wayne and Winston are dedicated to the development of the cryptocurrency industry in Taiwan. They firmly believe that industry cooperation and technological advancements can bring better experiences and applications for cryptocurrency users and industry players. Looking ahead to the next three years, they confidently state that the environment will undoubtedly be significantly different. They call upon all industry players in Taiwan, saying that they must strive to create a cryptocurrency application industry that benefits everyone. They cite Taiwan’s semiconductor industry as the best example, where ten companies have grown to six hundred, forming an international industrial chain. As Wayne said from the bottom of his heart:
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