Everest granted additional rights by MFSA

Everest was recently granted additional rights under the Virtual Financial Assets (VFA) act from the Maltese Financial Services Authority (MFSA). If you haven’t read yet about our VFA License, check it out here.

In addition to being licensed to perform crypto custodianship services, execution of orders on behalf of others, and transfer services, Everest is now licensed for the “reception and transmission of orders”.

What’s the difference between executing an order, and reception & transmission? In short, it is custody. Executing an order means that Everest accepts users’ crypto and/or fiat into its possession and takes the actions according to users’ instructions (and the associated burdens, costs with cyber security, implementation of policies, audits, infrastructure for live logs, etc.). While reception and transmission means that the user maintains custody of their crypto and/or fiat and uses Everest’s software to transmit orders to a 3rd party.

In traditional finance terms, this additional license is similar to providing a user the ability to tell a brokerage house to place an order on their behalf. Thus, the user sends money from their bank account to an exchange, and the order is passed via the brokerage house. In Everest terms, it means users can retain custody of their private keys (in their MetaMask) and access 3rd parties, like a DEX or foreign exchange provider, utilizing the Everest software interface to manage the process.

In sum, the new services open up Everest to provide users more services, facilitating additional transactions. Check it out now at wallet.everest.org.