According to the latest official news, Asian Digital Group has recently obtained another essential license.
According to the relevant personnel, ADSG has officially obtained the Money Transmitter Licensing (MTL) license issued by the Washington State financial regulator on February 21st, 2023. After receiving this license, Asian Digital Group will be allowed to conduct currency trading, coin trading and digital currency trading businesses in the state in a compliant and legal manner.
Amongst industry experts, the MTL license is considered more valuable than the Money Services Business (MSB) license. This license is regulated and issued by FinCEN (Financial Crimes Enforcement Network – a bureau of the U.S. Department of the Treasury), and is an authorization to conduct business within the country – including trading of digital currencies, ICO issuance, foreign exchange and international remittance. After the success of obtaining the MSB license, ADSG applied for the MTL license. According to the license application requirements, in order to successfully apply for the MTL license, ADSG needs to obtain the MSB license as a prerequisite and a deposit as required by Washington State. Under the supervision of MSB and MTL licenses, ADSG can conduct more digital currency transactions in Washington State, which greatly expands the business presence of ADSG through providing relevant financial services to customers in the region.
Currently ADSG has more than 9 different kinds of financial licenses worldwide. In Hong Kong, ADSG holds Class 1, 4 and 9 licenses issued by the Securities and Futures Commission of Hong Kong to provide investors with securities trading, advice on securities, and asset management services, while ADSG’s company is a member of the Hong Kong Gold and Silver Exchange Society. In the United States and Canada, ADSG has obtained the MSB license. This time, ADSG has obtained another MTL license in Washington State, USA. In Australia, the group has obtained the AUSTRAC license in Australia. In Thailand, it has obtained a foreign exchange license issued by the Central Bank of Thailand to conduct foreign exchange business. In addition, the trademark “ACU” has been registered in China, Singapore, Korea, Vietnam, Thailand, Japan, Philippines, Cambodia, Malaysia, UAE, Saudi Arabia, Hong Kong SAR, EU and more than 60 countries (regions) around the world – ADSG has the exclusive right to use it.
In the field of digital currency, global compliance has been the trend for a long time, and the “license system” is a regulatory framework set up to better respond to the flexibility of the market. Currently, many countries have clearly defined the need to conduct digital asset-related business activities under regulation. Licensing has become a protection for the digital asset business with more and more financial institutions engaged in digital asset banking and trading applying for licenses, and seeking to conduct business in the local area in a formal and legal manner. Since its inception, ADSG has been actively cooperating with the relevant policies, laws and regulations of countries and regions around the world while expanding its global strategic layout, securing legal compliance, continuously promoting globalization, and operating a professional operation while actively embracing regulations and obtaining more licenses as the top priorities of ADSG’s commitment to compliance.
As demonstrated by ADSG obtaining the MTL license of Washington State, it is a great step forward in the direction aligned with ADSG’s commitment to apply for MTL licenses nationwide in the U.S. and the world.