Transak has obtained two licenses from Canada and the US to
enhance its regulatory compliance. In the US, Transak USA LLC secured its
second Money Transmitter License (MTL) from the State of Delaware, following
its first MTL from the Alabama Securities Commission acquired one month prior.
In Canada, Transak Canada has registered with the Financial
Transactions and Reports Analysis Centre of Canada (FINTRAC), allowing it to
operate as a Money Services Business (MSB) in accordance with Canadian
financial regulations.
Transak Canada Gains FINTRAC Registration
The Canadian registration occurs amid significant growth in
the Canadian cryptocurrency market. A study by the Bank of Canada indicates
that around 13% of Canadians owned Bitcoin in 2021. Chainalysis reports show
Canada’s improved ranking in cryptocurrency adoption, moving from 20th place in
2022 to 18th in 2024.
Bryan Keane, Compliance Officer at Transak, emphasized the
importance of clear regulation for the crypto industry. He stated that the
company aims to provide Canadians with the ability to purchase digital assets
without navigating compliance independently.
“This registration involved a thorough review of our
operations and close collaboration with Canadian authorities. Now, FINTRAC
registration opens doors for Transak and the entire Canadian crypto community,”
said Keane.
With the FINTRAC registration, Canadian customers will have
access to a wider range of payment options, including credit cards, debit
cards, and Interac e-Transfers.
This development simplifies the process for
businesses and developers integrating Transak’s services, as they can now rely
on a compliant infrastructure for adding crypto on/off ramps to their
applications.
Expands Delaware Licenses
The MTL from Delaware enhances Transak’s network of state
licenses and strengthens its position as a regulated MSB under FinCEN. This
expansion allows residents and businesses in Delaware to use Transak’s secure
platform for cryptocurrency purchases and off-ramping.
The Delaware MTL ensures
that Transak complies with state-specific regulations, providing a consistent
and trusted experience for users.
Transak plans to pursue licensure in additional states to
further align with local regulatory standards. With two MTLs secured, the
company aims to continue its regulatory expansion across the US, promoting Web3
adoption.
Transak’s capacity to integrate with exchanges, decentralized
applications, and wallets enhances its role in the decentralized economy.
“This new license in Delaware underscores our commitment to
building a trustworthy, secure, and legally compliant ecosystem that sets the
gold standard for Web3 payments infrastructure by ensuring that users and
businesses across the US have the confidence to transact freely and securely,”
said Sami Start, CEO of Transak.
This article was written by Tareq Sikder at www.financemagnates.com.
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