NSAV Holding Inc (NSAV)

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NSAV Provides Regulatory Compliance Update for NSAVx.com CEX Exchange
Net Savings Link Inc
Thu, May 23, 2024 at 6:45 AM PDT4 min read

https://finance.yahoo.com/news/nsav-provides-regulatory-compliance-nsavx-134500288.html?_fsig=Q3NNY3OfFCdKmbOPitbwxg--%7EA

In This Article:
LONDON, UK / ACCESSWIRE / May 23, 2024 / Net Savings Link, Inc. (OTC PINK: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."