Transak Gains Operational Licenses in Delaware and Canada

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As a seasoned crypto investor with over a decade of experience navigating the wild west of digital assets, this recent news about Transak’s operational licenses in Delaware and Canada fills me with renewed confidence in the future of crypto payments.

Transak, a prominent player in the crypto payment sector, has been granted operational licenses in both Delaware, U.S., and Canada, aiming to boost its influence within North America.

Based on a statement made on November 1st, Transak USA LLC, the U.S. division of our company, has been issued its second Money Transmitter License (MTL) in Delaware. Previously, it had received an MTL in Alabama. Simultaneously, our Canadian branch, Transak Canada, has officially registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), enabling it to function as a fully compliant Money Services Business (MSB) nationwide.

Transak to Expand US Presence with More MTL Licenses

This new regulatory milestone signifies a significant advancement in the company’s goal to become a fully licensed financial service provider within the rapidly changing digital economy known as Web3. Transak obtained this Delaware license, enabling it to provide compliant cryptocurrency services within the state. Now, Delaware residents and businesses can utilize the entire range of products offered by the company, such as buying and exchanging cryptocurrencies.

According to CEO Sami Start, the MTL licenses correspond to the company’s commitment to establishing a compliant infrastructure for Web3 transactions.

This latest license in Delaware emphasizes our dedication to constructing a reliable, secure, and law-abiding ecosystem for Web3 payment systems,” Start explained. “By adhering to this high standard, we aim to inspire trust among both users and businesses within the U.S., enabling them to confidently and safely conduct transactions.

Transak has disclosed its intention to secure further Money Transmitter Licenses across various U.S. states. This strategy aligns with their ambition to attain nationwide compliance for their services, thereby facilitating a smoother experience for American users when buying, selling, and incorporating cryptocurrencies into their daily financial transactions.

Transak Enters the Canadian Market

Simultaneously, on the other side of the border, Transak Canada has just registered with FINTRAC, which now allows them to operate as a Money Services Business within Canada. This designation is significant for any financial service providers in Canada, as it means they must adhere to regulations that focus on anti-money laundering and maintaining financial security standards.

Numerous cryptocurrency businesses such as Binance, Bybit, and Gemini have withdrawn from the market because of unfriendly regulatory conditions. However, Canada remains an attractive destination for crypto firms like Transak, who are entering the country to enhance their services for customers.

Regarding the registration process, Bryan Keane, Compliance Officer at Transak, stated that this license enables Canadians to safely navigate the cryptocurrency market, free from any restrictive regulations.

By securing our FINTRAC registration, we’re not only growing our operations, but also strengthening trust within the Canadian cryptocurrency community. Strict regulatory frameworks instill confidence, and our aim is to provide Canadians with a straightforward and compliant means of accessing digital assets, eliminating the need for them to navigate complex regulations on their own.

Simultaneously, over time, the Canadian cryptocurrency market has experienced significant expansion. A recent study by the Bank of Canada revealed that approximately one out of every eight Canadians owned Bitcoin (BTC) as of 2021. This acceptance of cryptocurrencies positions Canada as a global leader in the adoption of the digital economy.

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2024-11-01 19:15