Everest Secures VFA License to Provide Regulated DeFi Globally
Everest, a next-generation blockchain company that enables the full suite of financial services, including user and business account creation with eKYC and regulatory-compliant transaction tracking and validation, received its Virtual Financial Assets (VFA) license for use of its CRDT stablecoin from the Malta Financial Services Authority (MFSA) through its Maltese entity Everest Networks Limited. In receiving this VFA licence, Everest is the first in the world to provide a fully regulated, programmable stablecoin and integrated infrastructure for global value transfer. This license allows Everest users to make cross-border payments without needing to obtain additional licenses.
Realizing the potential for digital assets to radically transform the financial industry, Malta, a member of the European Union, became the first country to create and implement a comprehensive legal and regulatory framework for cryptocurrency and blockchain technology for this purpose. In line with its goal of bolstering compliance-driven, blockchain-based investment, the MFSA created the VFA Act to help regulate “Initial Virtual Financial Asset Offerings, VFA and the provision of VFA services.”
End-users, banks, and other financial institutions are now able to send payments and invest in DeFi faster and more cost-effectively than any other platform by leveraging the CRDT, a utility token, along with Everest’s eKYC, wallet, and ledger. White-label partners and customers are also enabled to use the platform as a fiat in-and-out ramp in multiple jurisdictions. A VFA license authorizes Everest to hold and control clients’ assets or money with respect to virtual financial assets to both accredited and retail investors and clients and in connection with the following services:
- Execute orders on behalf of others;
- Custodial and nominee services
Everest is a decentralized platform that incorporates a massively scalable payment solution, EverChain, with several utilities; a multi-currency wallet, EverWallet; a native biometric identity system, EverID; a flexible value tracking token, the CRDT; and the API gateway. The services provided on the platform effectively position Everest as the gateway for traditional finance to enter into crypto and DeFi markets with the surety of comprehensive compliance and security. By using the platform to its full potential many who have not had identification or access to institutional banking, will now have the power to connect and drive their own economic mobility.
“We are thrilled to officially have our VFA License from the MFSA,” says Bob Reid, cofounder and CEO of Everest. “With this licensing, Everest is now subject to meticulous regulations, affirming to our customers that our platform is following all the legal requirements of a crypto service provider.”