On May 25, 2024, Net Savings Link, Inc. (NSAV), a company specializing in cryptocurrency, blockchain, and digital asset technology, made a significant announcement regarding the compliance and regulatory updates for its NSAVx CEX Exchange platform. This update follows the recent passing of House Bill H.R. 4763, which has implications for the cryptocurrency industry.

NSAV has laid out a detailed plan for compliance at both the Federal and State levels. The company is currently registered with FINCEN under MSB Registration Number 31000262776231 and is pursuing additional registrations for NSAVx.com as a Wyoming corporation. Additionally, NSAV has submitted an application for a Money Transmitter License with the Colorado Department of Regulatory Agencies, a process expected to take 60-90 days. The company plans to expand these applications to other states based on customer activity.

To enhance compliance and operational transparency, NSAVx.com has integrated AI-managed Know Your Customer (KYC) and Anti-Money Laundering (AML) systems that interface directly with the FINCEN reporting system. The company is also exploring registration requirements with the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA). NSAV believes various registrations may be necessary to ensure full compliance.

In addition to U.S. compliance efforts, NSAV is pursuing digital asset licenses in several countries worldwide. Approvals are expected in Singapore, Poland, and the Czech Republic, while applications are being reviewed in Ireland, Dubai, and Lithuania. In Dubai, NSAV has partnered with an existing exchange to expedite the licensing process. The company is also establishing a new entity in the UAE Free Zone and plans to apply for two digital asset-specific licenses in Dubai.

NSAV emphasized its commitment to regulatory compliance, stating that the company aims to be a leader in this space. By integrating AI-KYC and AI-AML systems, NSAV is demonstrating its dedication to meeting regulatory requirements. The company envisions becoming a fully integrated technology provider, offering solutions to the cryptocurrency, blockchain, and digital asset industries. NSAV aims to drive innovation in this sector by developing advanced technologies that bridge traditional business practices with decentralized technology.

In the long run, NSAV plans to offer a wide range of services including software solutions, e-commerce, financial services, advisory services, and information technology. The company's strategic vision aligns with its goal of becoming a key player in the rapidly evolving digital currency landscape.