Transak has recently made significant strides in the North American cryptocurrency landscape by securing regulatory licenses in both Canada and Delaware.
**Transak Broadens Regulatory Footprint in the U.S. and Canada**
Transak, a Web3 payments platform based in Miami, has reached two important regulatory achievements in Canada and the United States. In Canada, Transak has officially registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). Concurrently, in the U.S., the company has obtained a Money Transmitter License (MTL) in Delaware.
As stated by the Transak team, these advancements are intended to bolster the company's regulatory compliance as it seeks greater market access in the rapidly growing cryptocurrency sector in North America. The FINTRAC registration qualifies Transak Canada as an MSB, subjecting it to stringent anti-money laundering (AML) and anti-terrorist financing (ATF) regulations. This strategic move comes at a time when cryptocurrency adoption is on the rise in Canada, with approximately 13% of Canadians owning bitcoin (BTC) as of 2021.
In addition to this registration, Transak is mandated to adhere to continuous compliance protocols, including the implementation of Know Your Customer (KYC) measures and the monitoring of transactions for any suspicious activities. The company asserts that its compliance framework is designed to offer Canadian users a secure and regulated environment for conducting digital asset transactions.
In the United States, Transak USA LLC has received its second state-level MTL, this time from Delaware, following the initial license granted by Alabama in September. The Delaware license enables Transak to provide regulated cryptocurrency services, including the purchase and off-ramping of digital assets, to residents and businesses throughout the state. The acquisition of multiple MTLs is part of Transak’s comprehensive compliance strategy, as explained to Bitcoin.com News, aimed at establishing a regulated presence across various states.