New Jersey Regulator Offers License to Singapore Crypto Exchange, Everex
Everex firm is now licensed to operate in the U.S after obtaining a legal permit from a New Jersey based regulator.
Despite the regulation standstill across U.S regulators that has crippled the cryptocurrency industry in the country, Everex became the latest crypto firm to obtain a full Money Transmitter license from a New Jersey regulator. The company will start testing its platform to make cryptocurrency and fiat payments accessible to US customers and globally.
Based in Singapore, for a long time Everex Company had been operating in the better part of Asia with the main aim of simplifying payment services for Asian countries, more specifically those barred by poor bank regulations or even no regulations at all. Following a recent release from cointelegraph, Everex stated that they received a full money transmitter license on the 13th of this month.
What is Everex Bringing to the Table?
Everex which is a stable-coin platform, will be an active platform which will allow crypto-fiat and crypto-crypto transactions on their wallet. The company is motivated towards creating a transaction platform for merchants and customers where transaction fees will be significantly lowered and one that wastes no time in clearance procedures. The company also has a bright vision of teaming up with a number of banks. That kind of project will help clean up any non secure channels in the banks. Everex company also seeks to be permitted to operate in some other states in the U.S this year among them being Florida, California and New York.
In the United States today, cryptocurrency has been subjected to criticism regarding its impact on the greater society. There is a widening regulatory gap between different states now owing the conflicting views by different legislators leading to different regulations.
A universal framework would fix the issue but this depends on how fast the federal government will work towards adopting the same. The chief operating officer at Velocity Markets Lindsay Danas Cohen says that it is up to Washington D.C, the U.S capital to intervene and allow the federal government to fill the gaps and allow uniform laws to be set regarding crypto.