Transak Achieves Regulatory Milestones in North America
Miami-based Web3 payments platform, Transak, has recently reached significant regulatory milestones in both Canada and the United States. In Canada, Transak has successfully registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), while in the U.S., it has obtained a Money Transmitter License (MTL) in Delaware.
These achievements mark a crucial step for Transak as it aims to expand its presence in the rapidly growing cryptocurrency market in North America. By registering with FINTRAC, Transak Canada is now recognized as an MSB, ensuring adherence to strict anti-money laundering (AML) and anti-terrorist financing (ATF) regulations. This move comes at a time of increasing cryptocurrency adoption in Canada, with an estimated 13% of Canadians owning bitcoin (BTC) in 2021.
In addition to regulatory registration, Transak is committed to implementing ongoing compliance measures, including Know Your Customer (KYC) protocols and monitoring transactions for suspicious activity. The platform emphasizes that these measures are designed to create a secure and regulated environment for Canadian users engaging in digital asset transactions.
Meanwhile, in the United States, Transak USA LLC has secured its second state-level MTL from Delaware, following its initial license from Alabama in September. This license enables Transak to provide regulated cryptocurrency services, such as buying and selling digital assets, to residents and businesses in Delaware. Holding multiple MTLs across different states is part of Transak’s comprehensive compliance strategy as it strives to establish a regulated presence nationwide.
