Newland Subsidiary NovaPay Secures US MSB License

NovaPay US Inc., a subsidiary of Newland (000997.SZ), was officially established in the United States with a registered capital of 1 USD and has been awarded the US Money Services Business (MSB) license by FinCEN. The initiation of NovaPay aligns with Newland’s global expansion strategy.

The acquisition of this regulatory approval enables NovaPay to legally operate within the currency exchange, international remittance, and digital currency transaction domains. This development is poised to enhance cross-border payment infrastructure and facilitate partnerships with leading financial institutions, aligning with Newland’s ambition to become a digital business leader.

NovaPay’s New License: A Strategic Boost for Global Expansion

Building on its strategic vision, Newland has the opportunity to facilitate cross-border transactions through its latest license for NovaPay US Inc. NovaPay, a wholly-owned subsidiary, has legally positioned itself to handle currency exchanges, transfers, and remittances along with digital currency services in the US market.

The company’s strategic expansion aligns with enhancing global payment infrastructure, although it hasn’t immediately associated any particular cryptocurrency such as Bitcoin or Ethereum with this development. Regulatory compliance is a key prerequisite for any potential future engagement with digital tokens and stablecoins, suggest industry observers.

Major global entities, such as Binance US and Circle, also obtained US MSB licenses as a foundational step for expanding their operations, which has historically facilitated partnerships with US-based banks and allowed integration of fiat-to-crypto services.

Regulatory Milestones and Industry Implications

Did you know? Obtaining an MSB license is often a crucial step for companies looking to integrate fiat-to-crypto services.

According to CoinMarketCap, Bitcoin’s current price stands at $106,551.05 with a market cap of 2.12 trillion USD. Its dominance is 64.55%. The 24-hour trading volume is $42.27 billion, marking an 11.20% change. Over the last 90 days, Bitcoin’s price increased by 25.21%.

Experts from the Coincu research team believe securing an MSB license enhances regulatory credibility and could lay the groundwork for technological integration within the global fintech ecosystem. Such milestones may eventually expedite cross-border financial operations and benefit corporations aspiring for global penetration.