NSAV Announces Formation of NSAVx.com, Inc. in Puerto Rico and Application for Puerto Rico Money Transmitter License

Rhea-AI Summary

NSAV announced the formation of NSAVx.com in Puerto Rico and applied for a Puerto Rico Money Transmitter License (MTL). This license is mandated by the Nationwide Multistate Licensing System (NMLS) for money transmitting businesses in Puerto Rico, including those handling cryptocurrencies. The decision follows productive meetings with DNA.fund executives at the Consensus and DNA House conference. NSAV also expanded its partnership listings with HMLA and EVEREST LP, introducing six new tokens: EVEREST, DIVPAY, GBUX, MADA, CUBED, and WRIT, each with a $100,000 ETH/Token pair for the initial pool. CEO Kevin Simon emphasized the strategic move to Puerto Rico, highlighting collaborations with industry leaders and the company's commitment to the growing crypto community.

Positive

• Formation of NSAVx.com in Puerto Rico signifies strategic expansion.
• Application for Puerto Rico Money Transmitter License could enhance regulatory compliance and business operations.
• Expansion of partnership listings with HMLA and EVEREST LP introduces six new tokens, providing potential new revenue streams.
• Each new token has a $100,000 ETH/Token pair for the initial pool, indicating substantial initial liquidity.
• Collaborations with industry leaders such as DNA.fund may enhance business prospects and credibility.

Negative

• Application for the Money Transmitter License adds regulatory risk and potential delays.
• Entry into the Puerto Rico market may involve significant costs and logistical challenges.
• Dependence on successful issuance and utilization of the new tokens for anticipated revenue growth.
• No concrete financial data provided on current revenue or profitability, making it difficult to assess immediate financial health.

LONDON, UK / ACCESSWIRE / June 6, 2024 / Net Savings Link, Inc. (OTC PINK:NSAV), a leading Web3, blockchain and digital asset technology company, announced today the formation of NSAVx.com, Inc. in Puerto Rico and the submission of its application for a Puerto Rico Money Transmitter License (MTL).

According to the Nationwide Multistate Licensing System (NMLS), any company engaged in the money transmitting business in Puerto Rico must be licensed. A money transmitting business includes services or activities involving the receipt of payment orders, such as bank drafts, checks, personal money orders, or other means of money transmission or payment. This includes electronic transfers, wires, telephone payments, or any medium used to transfer funds to a beneficiary, for which a service charge is paid.

Additionally, the MTL encompasses all money service businesses handling cryptocurrency or convertible virtual currency, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardano, Tether, and those operating Bitcoin Teller Machines (BTMs).

Recently, key NSAV executives attended the Consensus and DNA House conference in Austin, Texas. Kevin Simon, CEO of NSAV, was a special guest speaker, and NSAV sponsored the DNA House event. Productive meetings with the DNA.fund executive team led NSAV management to establish NSAVx.com, Inc. in Puerto Rico and apply for the Puerto Rico Money Transmitter License, solidifying future business dealings between the firms.

NSAV also announced today the expansion of the HMLA and EVEREST LP partnership listings for June 2024, including:

• The EVEREST Token

• The DIVPAY Token

• The GBUX Token

• The MADA Token

• The CUBED Token

• The WRIT Token

Each token will have a $100,000 ETH/Token pair for the initial pool.

Kevin Simon, CEO of NSAV, stated "Having the opportunity to meet with industry leaders such as Brock Pierce, Chris Miglino, Scott Walker, and Emil Bailey and hear their vision for the Web3 industry was a true eye-opener. DNA.fund is at the forefront of the Web3 space, and we are honored to work with their team of professionals. Establishing NSAVx.com, Inc. in Puerto Rico and applying for the MTL reinforces our commitment to being at the forefront of the growing Puerto Rico crypto community."

Ryan Nguyen, CEO of HMLA added "Rapid revenue recognition is one of our primary goals. Launching these LP partnerships will help us achieve our goal of retiring debt on our balance sheet and restoring equity reserves to our treasury."

For real-time updates, join both companies' Discord channels:

• NSAVx: https://discord.gg/rnwszGvAjD

• HMLA: https://discord.gg/DZUUfrYGcT

About Net Savings Link, Inc.: NSAV's vision is the establishment of a fully integrated technology company, which provides turnkey technological solutions to the Web3, blockchain and digital asset industries. The Company drives innovation in the digital currency space by developing advanced blockchain technologies, digital assets, and market solutions that bridge the gap between traditional business frameworks and the future of decentralized technology. Over time, the Company plans to provide a wide range of services such as software solutions, e-commerce, financial services, advisory services and information technology.

For further information please contact NSAV at info@nsavholdinginc.com

For further information please contact NSAVx.com at hello@nsavxmail.com

The NSAV corporate website can be accessed at https://www.netsavingslinkinc.com

The NSAV CEX website can be accessed at https://nsavx.com/

The AirdropX.co website can be accessed at https://www.airdropx.co/

The Swopx.io website can be accessed at https://www.swopx.io

The NSAV Stock information website can be accessed at https://www.nsavstock.com

The NSAVx Token website can be accessed at https://www.nsavxtoken.com/nsavx-token

The NSAVx Discord Server can be accessed at https://discord.com/invite/7Q2Vv5NmKd

The NSAV Twitter account can be accessed at https://twitter.com/nsav_tech

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.

Contact

Net Savings Link, Inc.
info@nsavholdinginc.com

Media Contact

Organization: Net Savings Link Inc
Contact Person: James Tilton
Website: https://www.nsavholdinginc.com
Email: info@nsavholdinginc.com
Contact Number: +17185698815
Address: 26 Grosvenor Street, Mayfair
Address 2: W1K4QW
City: London
Country: United Kingdom

SOURCE: Net Savings Link Inc

View the original press release on accesswire.com

FAQ

What did NSAV announce on June 6, 2024?

NSAV announced the formation of NSAVx.com in Puerto Rico and its application for a Puerto Rico Money Transmitter License.

What is the significance of NSAV applying for a Puerto Rico Money Transmitter License?

The license is required for money transmitting businesses in Puerto Rico, including those handling cryptocurrencies, and could enhance NSAV's regulatory compliance and business operations.

What new tokens did NSAV introduce in June 2024?

NSAV introduced six new tokens: EVEREST, DIVPAY, GBUX, MADA, CUBED, and WRIT, each with a $100,000 ETH/Token pair for the initial pool.

Who did NSAV executives meet at the Consensus and DNA House conference?

NSAV executives, including CEO Kevin Simon, met with key industry leaders such as Brock Pierce, Chris Miglino, Scott Walker, and Emil Bailey.

What is the strategic importance of NSAVx.com’s formation in Puerto Rico?

The formation of NSAVx.com in Puerto Rico aligns with NSAV's goal to expand into the growing Puerto Rico crypto community and strengthen their market presence.