Everus Enlisted as Official Reporting Institution

Everus Enlisted as Official Reporting Institution

Kuala Lumpur, 12th April 2018 – Blockchain company, Everus Technologies Sdn Bhd, today has been enlisted as an official reporting institution by Bank Negara Malaysia (BNM) in compliance with the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Digital Currencies (Sector 6) policy.

Issued in February, the document outlines the requirements that reporting institutions must observe in order to maintain the transparency of all business activities related to digital currencies. As a reporting institution, Everus is required to declare all business-related dealings with BNM.

It should be noted however, that although Everus is listed by BNM, consumers should continue to conduct their own due diligence when using or dealing in the company’s cryptocurrency.

Srinivas Oddati, Founder and CEO of Everus, believes that regulation is necessary for the burgeoning industry to grow, and subsequently, thrive not just in Malaysia, but globally as well.

“We are delighted to be enlisted as a reporting institution by BNM, which tasks us with the responsibility of ensuring all our activities are transparent,” he said.

“Since day one, we have consistently been working with BNM, and will continue to work with them as well as other governmental agencies and regulators in order to fulfil our duties, not just as business entities, but educators within the industry.”

Launched in October last year, Everus has its own cryptocurrency known as EVR which can be traded on several exchanges. Alternatively, it can be used as a method of payment within the Everus ecosystem, which focuses on bespoke services and products for the intended market.

“At Everus, we are constantly widening and improving the Everus ecosystem,” added Oddati.

Currently, Know Your Customer (KYC) requirements are part of the Everus cryptocurrency wallet as per guidelines provided by BNM.

“This industry is still very new, which is why we have an obligation to do more than just basic compliance with government regulations,” said Ananga Ponniah, Head of Operations for Everus.

“In the coming months, we will look to prioritize consumer education, which in turn should lead to greater user adoption, especially if we continue to work hand-in-hand with BNM.”

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