Dynamex will hold an AMA event at 20:00 (UTC+8) on the evening of June 18th (Tuesday), where they will chat with Wayne, the co-founder and CEO of XREX, Taiwan’s cryptocurrency giant, about the details behind Taiwan’s cryptocurrency regulation and Tether becoming a strong investor.
(Background:
AMA Preview》XREX reveals the secret behind Tether’s investment, and Taiwan’s cryptocurrency regulation is speeding up?
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Table of Contents
Thinking about how to learn from the success of Taiwan’s semiconductor industry
Regulation is conducive to operators going overseas
Taiwan’s regulatory environment will overtake
How to cooperate with Tether
Tether’s path to dollar neutrality
Dynamex will hold an AMA event at 20:00 (UTC+8) on the evening of June 18th (Tuesday), with the theme “XREX teams up with Tether, what will be the next step in global cryptocurrency regulation?” They have specially invited Wayne, the co-founder and CEO of Taiwan’s cryptocurrency giant XREX, to share this year’s major breakthroughs for XREX and the next steps in Taiwan’s regulation with the readers.
Since the establishment of the VASP Association Preparatory Group in September 2023, the Preparatory Group has held dozens of meetings. In the past year and a half, the association has gone from the Preparatory Group to the Preparatory Meeting, and finally in June, the Taiwan Virtual Currency Association was formally established. Winston, co-founder of XREX, as the convener, has spared no effort to promote cryptocurrency regulation in Taiwan during this period, and Wayne also admitted that the process to get to where they are today has been challenging.
Wayne stated in the AMA that it was not only the familiarity within the industry that presented challenges. Due to the initial lack of experience, the classification method and rules were rejected by the Ministry of the Interior, but at the same time, the Ministry of the Interior also provided a lot of help. Prosecutors pointed out many problems, especially that the voting rights of members cannot be deprived. Under the guidance of the Ministry of the Interior, the Taiwan Virtual Currency Association has learned a lot and continues to communicate with the Financial Supervisory Commission.
In addition, establishing an association in an “adverse” environment is also a major challenge. Wayne stated that some prosecutors, based on past experiences, do not believe in industry self-discipline at this time, thinking that only special laws can solve the problem. Coupled with the many doubts from the outside about “self-regulatory associations guarding against theft,” there was indeed significant resistance encountered in discussions with the Preparatory Group and the Financial Supervisory Commission.
However, when mentioning the Financial Supervisory Commission, Wayne actually had high praise for the communication and assistance from government departments. Wayne stated that the association platform has accelerated the support of the government behind the industry, especially since the Anti-Money Laundering Order issued by the Executive Yuan in 2021, this has become even more evident.
Wayne pointed out that these regulatory measures have made XREX’s development at home and abroad more stable. In the future, if local exchanges do not want to go public overseas, they can also consider going public domestically, which will become more feasible.
Regarding Taiwan’s past regulations, in the phase from 2023 to 2024, we have seen some major changes. Dynamex also asked Wayne whether it is the right time or a backward stage for Taiwan’s nodes or local operators to increase the intensity of cryptocurrency regulation at this time. Wayne said:
Looking back at history, XREX has a lineup of well-known investors, including the Executive Yuan National Development Fund, China Development, SBI Investment, Yuanshan Venture Capital, ThreeD Capital, Initial Venture Capital (AppWorks), Wanhua Capital, and New Economy Ventures. The recent heavyweight news is that Tether, the issuer of the world-renowned digital asset company and stablecoin market leader USDT, has also joined its investment lineup.
Wayne shared with us the entire process from the first contact between XREX and Tether to Tether becoming a strong investor. This cooperation not only demonstrates XREX’s strength and potential, but also marks Tether’s high recognition of XREX’s development prospects.
So what were the main factors that ultimately led Tether to invest 18.75 million U.S. dollars in the XREX Group?
It is understood that after Tether’s new round of investment in XREX, the main use of the funds will be for the development of two major businesses. The first is to issue the XAU1 token in cooperation with the Unitas Foundation. XAU1 is a tokenized gold pegged to the value of the U.S. dollar, backed by an excess reserve of Tether Gold (XAUt). Wayne also shared with us the operating principles and thinking behind XAU1.
At the end of the AMA, Wayne revealed the future strategic layout of XREX. First, XREX will focus on cross-border payments, especially B2B payments. They are about to launch the XREX Pay service in Singapore, aiming to become an offshore internet bank for emerging countries, covering India, Vietnam, and other Southeast Asian countries. Users can simply download the app and use it, supporting stablecoins and fiat currencies, similar to Revolut, but with cryptocurrency capabilities.
Secondly, XREX will develop digital asset wealth management and investment services. Operated by Taiwan Chain Science Stock Co., Ltd., it serves users in India, Southeast Asia, and the Middle East. They are committed to providing a more comprehensive range of investment wealth management and trading services, designed for users who are experienced in investing but new to cryptocurrencies.
The seemingly simple headlines “Tether invests 600 million Taiwan dollars” and “Taiwan Virtual Asset Association established” are both related to XREX, representing XREX’s international efforts while also assisting in promoting Taiwan’s cryptocurrency regulation. After this AMA, people are more looking forward to their performance and influence in the future global financial market!