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Taiwanese Crypto Firm Plants a Flag on European Soil -Breaking

by Mike Robinson

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A Flag is planted by a Taiwanese crypto firm on European soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project XREX. It allows Taiwan’s crypto company to expand its presence in the European market.

XREX, a Taipei-based neofintech company, was founded in 2018. It offers a range of blockchain-driven services including BitCheck online escrow and the crypto-fiat XREX Exchange.

XREX, a Lithuanian exchange operator, will offer cryptocurrency trading operations against fiat currency, compliance with AML, and virtual currency wallet service in line with Lithuanian regulations. Lithuania stands as the EU’s biggest fintech hub by the number of licensed companies.

The Goal of Building Bridges

This Lithuanian approved license to operate as a crypto-service provider is unique in the European Union. XREX has previously obtained ‘Trust and Company’ service approval as well as a ‘Financial Institution’ license in Estonia.

A company blog post stated: “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.”

A significant portion of the company’s clients consists of cross-border merchants, small and medium enterprises, and individuals working abroad.

The XREX Exchange currently supports nine cryptocurrencies including (BTC), ETH), USDT, (BCH),, (SOL), DOT), Maker(MKR), Chainlink and Link (LINK). Reportedly, the XREX Exchange is the world’s only crypto-fiat exchange platform that supports the U.S. dollar and Indian rupee.

Earlier this year, the Taiwanese fintech acquired a ‘Money Services Business’ license from the U.S. Financial Crimes Enforcement Network (FinCEN), and Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

The firm is also in the process of applying for a ‘Payment Institution’ license in Singapore, and a ‘Virtual Asset Exchange’ license in Dubai, United Arab Emirates.

The International Monetary Fund(IMF) ranks Taiwan 8th among Asia’s largest economies and 18th worldwide based upon purchasing power parity. It is also a key player in the international economy thanks to its large forex reserves and being one of most important players in information and communications tech.

The public’s interest in blockchain reached an unprecedented high in the last year. In April 2021, the FSC imposed stringent Anti Money Laundering requirements and Know Your Customers requirements for cryptocurrency transactions.

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