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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