RexoSwap Announces Support for Tonga's Bitcoin Payment Pilot Project

Recently, the leading digital asset trading platform RexoSwap announced its formal support for Tonga's Bitcoin payment pilot project

RexoSwap, a leading digital asset trading platform, has announced its support for Tonga's Bitcoin payment pilot project. The initiative aims to establish a modern digital payment infrastructure in the country.

As a compliant trading platform with a U.S. MSB (Money Services Business) license, RexoSwap will provide decentralized finance (DeFi) solutions for the Tongan market while adhering to global financial regulatory requirements to ensure the legality and compliance of all transactions.

Compliance First: RexoSwap Ensures Safe and Legal Transactions

RexoSwap prioritizes global compliance and has obtained a U.S. MSB license. The exchange is also actively seeking financial regulatory licenses in multiple countries to ensure that all transactions align with various legal frameworks.

In this Bitcoin payment pilot project, RexoSwap will strictly follow international anti-money laundering (AML) and know your customer (KYC) regulations to ensure the safety of user assets and mitigate illegal transaction risks.

"We are committed to providing a legal and secure digital asset trading environment for global users," said Rachel Edwards, Chief Compliance Officer (CCO) of RexoSwap.

"RexoSwap strictly adheres to local regulatory requirements in all operational regions and will continue to maintain compliance in the Tongan market, ensuring that all transactions meet international financial standards."

Technical Support Provided by RexoSwap

As the core technology partner for this Bitcoin payment pilot, RexoSwap will launch three core solutions in Tonga to ensure the stability, security, and compliance of the digital payment system:

1. Decentralized Wallet Service

Allows users to store, manage, and trade Bitcoin without relying on traditional banks.

Utilizes self-custody wallet technology, ensuring users have complete control over their assets while complying with international AML regulations.

2. Localized Payment Gateway

Launches a compliant payment system that enables users to safely use Bitcoin for transactions with merchants and online.

Provides stable fiat currency exchange channels for government agencies and businesses, allowing digital currency to seamlessly integrate into daily economic activities such as salary payments, public service fees, and commercial transactions.

3. Legal and Compliant Trading Environment

RexoSwap will establish strict KYC and AML mechanisms in the Tongan market to ensure the transparency and security of all transactions.

Employs multi-factor authentication and on-chain monitoring technology to prevent fraudulent activities and ensure the legal compliance of the trading platform.

Strengthening Regulatory Cooperation to Promote Global Compliance Development

As a global exchange, RexoSwap is committed to enhancing communication and cooperation with financial regulatory bodies in various countries. Upon entering the Tongan market, RexoSwap plans to establish a compliance cooperation framework with local financial regulators to ensure that the Bitcoin payment pilot project fully complies with local and international financial regulations.

"Compliance is at the core of RexoSwap's operations. We always prioritize financial transparency and the safety of user funds, ensuring that all transactions on the platform are legal and compliant," said Laura Bennett, Chief Financial Officer (CFO) of RexoSwap.

"In the future, we will continue to work closely with various regulatory bodies around the world to promote the healthy development of the digital asset industry.”

Currently, RexoSwap has initiated a fiat channel audit process to ensure the transparency and traceability of the funds involved in Bitcoin payments, meeting the regulatory requirements of various countries.