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Transak secures key licenses in Canada and Delaware

Transak secures key licenses in Canada and Delaware

GrafaGrafa2024/11/04 17:37
By:Mahathir Bayena

Transak, a Web3 payments platform based in Miami, has recently strengthened its regulatory presence in North America by securing two significant licenses in Canada and the United States.

In Canada, Transak has registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), ensuring compliance with strict anti-money laundering (AML) and anti-terrorist financing (ATF) regulations.

This registration enables Transak Canada to operate under FINTRAC’s oversight, implementing Know Your Customer (KYC) protocols and monitoring for suspicious activities to provide a secure environment for Canadian users engaging in digital asset transactions.

In the United States, Transak USA LLC obtained a Money Transmitter License (MTL) in Delaware, adding to its initial license from Alabama, which was secured in September.

The Delaware MTL authorises Transak to offer regulated crypto services, including the buying and off-ramping of digital assets, to both residents and businesses in the state.

According to the Transak team, these licenses are part of a broader compliance strategy as the company seeks to establish a regulated presence across multiple states within the expanding U.S. cryptocurrency sector.

Transak’s recent regulatory achievements align with its goals of providing reliable and secure crypto services amid rising cryptocurrency adoption in North America.

According to Transak, approximately 13% of Canadians owned Bitcoin (CRYPTO:BTC) in 2021, reflecting a growing interest in digital assets.

With FINTRAC registration, Transak reinforces its commitment to adhering to Canadian financial regulations, while the Delaware MTL positions Transak to expand its service offerings in the U.S. market.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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