Press release
NSAV Provides Regulatory Compliance Update for NSAVx.com CEX Exchange
- By Grand News Network
- May 23, 2024
London, United Kingdom, 23rd May 2024 – Net Savings Link, Inc. (OTC: NSAV), a cryptocurrency, blockchain and digital asset technology company, announced today a comprehensive update on the compliance and regulatory initiatives for its NSAVx https://nsavx.com/ CEX Exchange.
Following the advancement of landmark cryptocurrency legislation House Bill H.R. 4763 on May 22, 2024, NSAV has outlined a detailed compliance roadmap for both Federal and State registrations:
• FINCEN Registration: NSAV is currently registered under MSB Registration Number 31000262776231 and is proceeding with additional registrations for NSAVx.com as a Wyoming corporation.
• State-Level Compliance: An application has been submitted to the Colorado Department of Regulatory Agencies (DORA) for a Money Transmitter License, a process expected to take 60-90 days. Following this, NSAV plans to extend its Money Transmitter applications to other states based on customer activity levels.
• AI-Managed Compliance Systems: NSAVx.com has integrated AI-managed Know Your Customer (KYC) and Anti-Money Laundering (AML) systems that link directly with the FINCEN reporting system, enhancing compliance and operational transparency.
• CFTC/NFA Engagement: NSAV is exploring registration requirements with the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). While there is no definitive roadmap, NSAV believes that registration as a Futures Commission Merchant (FCM), Swap Dealer (SD), Major Swap Participant (MSP), Commodity Pool Operator (CPO), and Commodity Trading Advisor (CTA) may be necessary. The company has initiated the registration process with the NFA and will fulfill all background checks, proficiency requirements, and pay all related fees dues.
• Global Registration Efforts: NSAV expects imminent approvals for their digital asset licenses in Singapore, Poland, and the Czech Republic. Additionally, applications are under review in Ireland, Dubai, and Lithuania. Particularly in Dubai, NSAV has been sponsored by an existing exchange, aiding the expedited licensing process. NSAV has commenced the required establishment of a new company in the UAE Free Zone and will register that company with the Ministry of Economy. NSAV will apply for two digital asset specific licenses in Dubai. The first is for the exchange(VARA VASP) and second, is for smart contract and blockchain development(VARA Cat-2). The company believes this process will begin the last week of May and will take approximately 60-90 days to complete.
NSAV released the following statement, “Yesterday signaled monumental changes ahead for cryptocurrency and digital asset companies. It is our intent to have NSAV and NSAVx.com be at the forefront of compliance and regulation. By integrating AI-KYC and now AI-AML, we have signaled to both State and Federal regulators that we put compliance at the top of our business strategy.”
NSAV’s vision is the establishment of a fully integrated technology company, which provides turnkey technological solutions to the cryptocurrency, blockchain and digital asset industries. The Company drives innovation in the digital currency space by developing advanced blockchain technologies, digital assets, and market solutions that bridge the gap between traditional business frameworks and the future of decentralized technology. Over time, the Company plans to provide a wide range of services such as software solutions, e-commerce, financial services, advisory services and information technology.
For further information please contact NSAV at info@nsavholdinginc.com
For further information please contact NSAVx.com at hello@nsavxmail.com
The NSAV corporate website can be accessed at https://www.netsavingslinkinc.com
The NSAV CEX website can be accessed at https://nsavx.com/
The AirdropX.co website can be accessed at https://www.airdropx.co/
The Swopx.io website can be accessed at https://www.swopx.io
The NSAV Stock information website can be accessed at https://www.nsavstock.com
The NSAVx Token website can be accessed at https://www.nsavxtoken.com/nsavx-token
The NSAVx Discord Server can be accessed at https://discord.com/invite/7Q2Vv5NmKd
The NSAV Twitter account can be accessed at https://twitter.com/nsav_tech
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.
Contact
Net Savings Link, Inc.
Media Contact
Organization: Net Savings Link Inc
Contact Person: James Tilton
Website: https://www.nsavholdinginc.com
Email: Send Email
Contact Number: +17185698815
Address: 26 Grosvenor Street, Mayfair
Address 2: W1K4QW
City: London
Country: United Kingdom
Release Id: 23052412461
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