Net Savings Link, Inc. announced the formation of, Inc. in Puerto Rico and the submission of its application for a Puerto Rico Money Transmitter License (MTL). According to the Nationwide Multistate Licensing System (NMLS), any company engaged in the money transmitting business in Puerto Rico must be licensed. A money transmitting business includes services or activities involving the receipt of payment orders, such as bank drafts, checks, personal money orders, or other means of money transmission or payment.

This includes electronic transfers, wires, telephone payments, or any medium used to transfer funds to a beneficiary, for which a service charge is paid. Additionally, the MTL encompasses all money service businesses handling cryptocurrency or convertible virtual currency, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardano, Tether, and those operating Bitcoin Teller Machines (BTMs). Recently, key NSAV executives attended the Consensus and DNA House conference in Austin, Texas.

Kevin Simon, CEO of NSAV, was a special guest speaker, and NSAV sponsored the DNA House event. Productive meetings with the executive team led NSAV management to establish, Inc. in Puerto Rico and apply for the Puerto Rico Money Transmitter License, solidifying future business dealings between the firms.