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In light of the Securities Commission Malaysia’s (“SC”) announcement on the list of Digital Asset Exchanges (“DAX”) in transitional period as at 1st March 2019 in Malaysia, Everus Technologies Sdn Bhd (“Everus” or “Company”) is taking this opportunity to clarify that the Company does not fit into the category as a DAX operator as defined under Chapter 15 of the Securities Commission Malaysia’s Guidelines on Recognized Markets (“Guidelines”).
The Guidelines are issued by the country’s securities governing body to enforce regulatory measures on authorized/licensed recognized market operators (“RMO”), specifically DAX operator. As per the Guidelines, the definition of DAX means an electronic platform which facilitates the trading of a Digital Asset. It is also provided for that these guidelines do not apply to a technology service provider who merely provides the infrastructure or software.
In this instance, Everus solely operates as a secured e-wallet service provider for digital currency. Everus’ system does not facilitate any digital asset trading, hence, is not subjected to the regulatory grounds which are specifically enacted for governing DAX operators. In addition, Everus does not hold any funds, fiat and/or digital currencies of any customers for trading purposes. Therefore, there shall be no refund afforded to the customers. The list announced by the SC will not affect the Company’s overall business operation and its plan for global expansion.
To recap, Everus had on the 21st February 2019 announced that the Company has successfully expanded its international operations with an office in Hong Kong to penetrate into the vast East Asia market. Moving forward, the Company is also looking at the opportunities in pursuing growth to expand its business operations further into the United Arab Emirates and European markets such as Dubai and Estonia. This is to create sustainable business prospects for Everus.
Everus already has offices in Singapore, India, Switzerland and the United States with over 100,000 Everus wallet users in over 90 countries spanning across Asia Pacific, Europe, Africa and America thus far. Rest assured that the Company will remain engaged with its customers and continue to make progress updates to the public. It should be noted that the Company’s current business is operating as usual.
Everus founder and CEO Srinivas Oddati said: “We are constantly in talks with the SC to determine how it works for us as an e-wallet service provider. I believe that regulation is necessary for the burgeoning industry to grow. With our good track record and accountability, we will also continue to work with SC and Bank Negara Malaysia to comply and support in order to ensure full compliance, prioritizing the responsibility of ensuring all our activities are transparent. We will provide an update as soon as any additional information becomes available.”