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Everest receives VFA license to provide regulated DeFi globally

By Pavithra R

June 04, 2021

  • America
  • Everest

Everest receives VFA license to provide regulated DeFi globallyEverest, a decentralized platform and protocol to build value exchanges between people and organizations, has announced receiving 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 VFA licence, Everest is the first in the world to provide a fully regulated, programmable stablecoin and integrated infrastructure for global value transfer. The license allows Everest users to make cross-border payments without needing to obtain additional licenses.

“We are thrilled to officially have our VFA License from the MFSA. 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,” said Bob Reid, CEO and Co-Founder of Everest.

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, Virtual Financial Assets (‘VFA’) and the provision of VFA services.”

By leveraging the CRDT, a utility token, along with Everest’s eKYC, wallet, and ledger, end-users, banks, and other FIs can now send payments and invest in DeFi faster and more cost-effectively. 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

Founded in 2016, Everest is 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. It offers 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.

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