VANCOUVER, BC, Aug. 03, 2022 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce that on March 3approx On August 10, 2022, the Central Bank officially approved the company incorporation as one of the first authorized entities for crypto stored value and crypto trading in Europe. The approval comes at a time when EU regulators enacted sweeping DCE and crypto regulations in July 2022. The central bank’s focus on registration entries is to ensure categorical compliance with all international provisions of the AML criteria, as well as the prevention of money laundering and the financing of terrorism. The company’s RevoluEX platform has proven to have pre-emptively complied and complied with all regulatory facets ahead of the now mandated KYC and AML requirements, leading to today’s approval.
Established first mover status
To the company’s knowledge, RevoluPAY is the first financial institution licensed across Europe in 27 countries to receive Central Bank Crypto Stored Value and Crypto Trading registrations alike, in accordance with the legally binding pan-European MiCA regulations. As of today, RevoluPAY’s unique combined ability to act as both a licensed financial institution in sovereign currency (FiAT) and a central bank-approved crypto operator is expected to draw significant attention in a crypto industry set to hit November 2021 peaked at $2.9 trillion. Time is running out for DCEs as the EU Commission has granted the European Securities and Markets Authority (“ESMA”) new and sweeping powers to systematically ban any non-compliant crypto actor immediately and overnight. According to today’s news, any DCE wishing to be compliant with all current regulations must immediately either white-label the company’s RevoluEX technology or transfer all transactions through a contractual agreement on the company’s financial banking licenses, enhanced by the additional Crypto Stored Value and Crypto Trading approved registration ensuring full end-to-end compliance.
The scope of today‘s crypto regulation milestone
Many DCE crypto giants are desperately trying to sustain growth while gaining mandatory regulatory legitimacy amid fears of real and current global regulation. RevoluPAY now offers a venerable regulation solution for DCEs to remain fully compliant on all sides of an eventual crypto trade. Namely the bilateral fiat currency component, KYC (“Know Your Customer”) and AML (“Anti-Money Laundering”) as well as the Stored Value and Crypto Trading elements. Additionally, the company’s proprietary RevoluEX technology is plug-and-play as it handles all facets of API integration, allowing for a quick turnkey solution. RevoluEX is available as an API integrated into current DCE platforms or as a white-label standalone deployment under any DCE branding or logo detailed in the recent Market Herald article. Other unique international regulatory benefits available to DCE partners include RevoluPAY United States MSB, Canadian FINTRAC and European PSD2 Payment Institution 6900 financial capabilities inherent to our financial technology. In addition, yesterday’s launch of RevoluTRANSFER now enables future DCE partners to conduct bilateral transactions as an on/off ramp of up to USD 3 million for a single transaction.
Links used in this press release.
Financial Licenses for EU-27 countries – https://tinyurl.com/ycyat7j3
RevoluPAY EP SL Bank Registration – https://tinyurl.com/4jmtke6b
RevoluEX – https://revoluex.com/
Market Herald article December 12, 2020 – https://tinyurl.com/mr3kz68u
RevoluTRANSFER – https://revolutransfer.com/
The company’s flagship neobanking technology is RevoluPAY®, the multinational Apple and Android payments app. Developed entirely in-house, RevoluPAY features proprietary, industry-specific technology, the resulting source code of which is the intellectual property of the company. RevoluPAY’s built-in features include wire transfer payments, forex, crypto-to-fiat exchanges, retail and hospitality payments, real estate payments, pay-as-you-go phone top-ups, gift cards and online balance, utility bill payments, leisure payments, travel payments etc. RevoluPAY uses blockchain protocols and directly targets the multi-billion dollar global open banking sector and the +595 billion dollar family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY EP SL based in Barcelona. RevoluPAY is a licensed US MSB, Canadian FINTRAC and European PSD2 payment institution 6900 under the auspices of EU Directive 2015/2366 with EU passporting. RevoluGROUP Canada Inc. controls five wholly owned subsidiaries on four continents.
Around RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a Canadian publicly traded, multi-asset, multi-divisional company employing advanced technologies in; Banking, mobile apps, money transfers, phone top-ups, e-gaming, healthcare payments, esports, invoice factoring, online travel, vacation spots, blockchain systems, and fintech app sectors. Click here to read more.
For more information about RevoluGROUP Canada Inc. (TSX-V: REVO), please visit the company’s website at www.RevoluGROUP.com. The Company has approximately 189,607,876 shares issued and outstanding.
RevoluGROUP Canada, inc
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RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
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This press release contains certain statements that may be deemed “forward-looking statements.” All statements in this press release, other than statements of historical fact, that address events or developments that management of the Company expects are forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those contained in the forward-looking statements include market prices, exploration and development achievements, the continued availability of capital and financing, and general economic, market or business conditions. Please see the company’s public filings at www.sedar.com For more information.