Benzinga | May 11, 2021 08:31AM EDT

SOS Says Subsidiaries Receive MSB Licenses From U.S. And Canada

SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that its US and Canadian subsidiaries obtained money services business, or MSB, licenses from, the U.S. Financial Crimes Enforcement Network (FinCEN) Department of the Treasury, and the Financial Transactions and Reports Analysis Centre (FINTRAC), respectively.

The US MSB license issued by FinCEN allows SOS subsidiary to act as a foreign exchange dealer, money transfer agent and seller of money orders. The Canadian MSB license issued by FINTRAC, allows SOS to conduct money transfers, and be a dealer for foreign exchange, as well as virtual currencies.

Mr. Yandai Wang, CEO of SOS, commented, "The overall plan of SOS' digital currency business is systematically designed around blockchain technology. The set up of a digital currency exchange is a key component. We anticipate this exchange will be operated via US XX Exchange Ltd, our U.S. subsidiary, Canada XX Exchange Ltd, our Canadian subsidiary, or subsidiaries in other select jurisdictions. Receipt of the two MSB licenses is a major milestone in our compliance efforts. We are continuing work on the other licenses and permits required to launch the exchange and expect to begin discussions with third party service providers in the near future. We remain optimistic about the development of block-chain technology. The mutual promotion of mining and exchange businesses will provide us with multi-faceted experience and progress towards the commercialization of block-chain technology. "

About SOS Limited

SOS is an emerging marketing and solution provider based on blockchain and big data drive. It has about 20 million members in China. In July 2020, the headquarters of SOS moved from Gui'an new area to Qingdao West Coast new area. Recently, SOS has outlined its strategy in blockchain and cryptocurrency, including a series of measures to expand its business to cryptocurrency mining, cryptocurrency security and insurance and digital asset exchange. The core infrastructure of SOS' marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.

SOS has obtained a national high-tech enterprise certification and the title of "Big Data Star Enterprise," awarded by Gui'an New District Government. Staying on the forefront of digital technology innovation, the Company has registered 99 software copyrights and 3 patents. For more information, please visit: http://www.sosyun.com/ .