The cryptocurrency industry is transitioning from its “wild west” phase into a new “regulatory era,” with 2024 marking a pivotal year. As governments worldwide implement stricter oversight, tools like XREX Group’s newly launched XRAY are becoming essential for compliance and risk management.
The Global Shift Toward Crypto Regulation
Regulatory frameworks are rapidly evolving across key markets:
- European Union: Enacted the Markets in Crypto-Assets Regulation (MiCA) in May 2023
- Singapore: The Monetary Authority of Singapore (MAS) has regulated exchanges under the Payment Services Act (PSA) since 2019
- United States: Approved Bitcoin spot ETFs in early 2024
- Taiwan: Established a virtual asset service provider (VASP) association with 24 founding members to develop self-regulatory standards
These developments underscore the need for RegTech solutions that bridge compliance and innovation.
Introducing XRAY: Blockchain’s X-Ray Machine
👉 Discover how XRAY transforms crypto compliance
XRAY, launched by XREX Group, functions like an X-ray scanner for blockchain wallets. By analyzing a wallet address, it reveals:
1. Associated exchange (e.g., Binance, Coinbase, or XREX)
2. Asset portfolio (cryptocurrency types and balances)
3. Risk assessment (scams, money laundering, sanctions)
4. Threat patterns (hacking, organized crime links)
Key Benefits
- For law enforcement: Reduces investigation time from 4–6 days to hours
- For exchanges/VASPs: Streamlines AML/KYC processes
- For users: Free basic version available via LINE chatbot
Two-Phase Rollout Strategy
Phase 1: LINE Bot Integration
- Free Basic Version: Public access to exchange identification and asset data
- Advanced Version: For regulators/law enforcement, adds risk scoring and threat categorization
Supported Exchanges:
| Region | Exchanges |
|————–|—————————————-|
| Taiwan | XREX, BitoPro, MAX, ACE, BITGIN |
| Global | Binance, OKX, Bybit, Coinbase, Kraken |
Phase 2: API and Web Platform
- Enables integration for:
- Banks and payment processors
- Government agencies
- Other VASPs
👉 Explore enterprise solutions with XRAY
Why XREX Developed XRAY
1. Addressing Asia’s Compliance Gap
While Western tools focus on sanctions and illegal weapons, XRAY targets prevalent Asian risks like scams and gray-market gambling.
2. Empowering Law Enforcement
Before XRAY:
– Police wasted weeks manually querying exchanges
– 90% of requests to XREX involved non-customer wallets
After XRAY:
– Instant exchange identification
– Precision subpoena targeting
3. Institutional Responsibility
As a licensed financial entity, XREX leverages its anti-fraud expertise and partnership with Tether (which invested $18.75M in 2024) to advance compliance tech.
Future Roadmap: Real-Time Monitoring Network
XREX plans to collaborate with Taiwan’s FinTech Association (200+ members) to build a cross-institutional crime prevention platform, enhancing AML defenses across Asia.
FAQs
Q: How accurate is XRAY’s risk assessment?
A: It combines blockchain forensics with reported incident data, achieving high precision for Asian crime patterns.
Q: Can individuals use XRAY for personal security?