With this step, the company 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 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 use the XREX platform to conduct fiat money-crypto exchanges, online payment guarantee service BitCheck, and others.
XREX aims to bridge advanced economies and emerging markets, including India, Africa, and the Middle East. Operating in Lithuania will help XREX reduce the distance between the EU and developing countries.
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