Everest has been operating as a regulated crypto custodian under the transitory provisions of the Virtual Financial Assets (VFA) License from the Maltese Financial Services Authority (MFSA) since October of 2018. The latest in principle approval is the final step in receiving a VFA license. The services Everest provides to experienced and non-experienced users are the following.
- Reception of deposits and issuance of instructions
- Execution of orders on behalf of other persons
- Custodian and nominee services
Everest’s unique CRDT token, a VFA, empowers businesses and users to program fiat currencies for specific purposes, times and places. Such a universally programmable and regulated currency opens up international market access and various use cases, including conversion to crypto, access to trading, cross-border, DeFi and other services. With integrated KYC/AML and digital identity, plus the ability to reach all of humanity (including the four billion without smartphones) and an L2 ledger (fast and low-cost), Everest delivers a complete solution.
Everest’s CRDT token transparently facilitates value transfer across any fiat currency and financial rails anywhere in the worldsimilar to the aspirations of Libra/diem. In addition to being a regulated custodian, Everest is registered in countries around the world. With fiat and crypto accounts, Everest enables the transfer of money/crypto/value quickly and efficiently. Other use cases include intra-bank settlement, akin to SWIFT, and empowering traditional financial institutions to compliantly and easily participate in the crypto and DeFi revolution.
Everest CEO Bob Reid said,
“Everest is pleased to have collaborated with the MFSA over the past 2+ years to ensure consumer protection and adherence to GDPR. As part of the European Union, the MFSA produced the most comprehensive and rigorous standards for virtual assets/crypto in the world, and we are proud to have achieved this milestone.”