Transak Gains Operational Licenses in Delaware and Canada 

Transak expands its North American presence with two operational licenses in Delaware and Canada.

Chimamanda U. Martha By Chimamanda U. Martha Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
Transak Gains Operational Licenses in Delaware and Canada 
Photo: Freepik

Key Notes

  • Transak obtained two money transmitter licenses in Delaware and Canada to legally provide crypto payments and on-ramp services to customers in the region.
  • The company had previously received the same license in the US state of Alabama, expanding its presence across the nation.
  • Transak’s long-term goal remains to become a nationally recognised crypto payments firm, providing its suite of product offerings across the country.

Transak, a leading cryptocurrency payments company has received operational licenses in the US state of Delaware and Canada to strengthen its presence in the Northern American region.

According to an announcement on November 1, the company’s US arm, Transak USA LLC, was granted its second Money Transmitter License (MTL) in Delaware, following an earlier license granted in Alabama.  Meanwhile, its Canadian subsidiary, Transak Canada, has officially registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), allowing it to operate as a fully compliant Money Services Business (MSB) across the nation.

Transak to Expand US Presence with More MTL Licenses

The new regulatory milestone marks a critical step in the company’s aim to establish itself as a fully regulated financial service provider within the fast-evolving Web3 economy. Transak said the  Delaware license allows it to operate as a compliant crypto service provider within the state. Delaware residents and businesses will now be able to access the company’s full suite of products including its crypto purchasing and off-ramping services.

The company’s CEO Sami Start said the MTL licenses align with the company’s dedication to building a compliant framework for Web3 payments.

“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,” Start said. 

Transak revealed that it will continue to pursue additional Money Transmitter Licenses in other US states. The plan is part of its goal of achieving national compliance for its services, making it easier for US users to buy, sell, and integrate cryptocurrencies into their everyday financial activities.

Transak Enters the Canadian Market

Meanwhile, across the border, Transak Canada’s recent registration with FINTRAC enables it to serve the Canadian market as a Money Services Business. This designation is crucial for financial service providers operating in Canada, where regulatory oversight ensures adherence to anti-money laundering and financial security standards.

Many crypto companies including Binance, Bybit, and Gemini exited the market due to unfavorable regulatory environments. Despite this, Canada continues to see crypto companies like Transak entering the country to better service its customers.

Commenting on the registration, Bryan Keane, Transak’s Compliance Officer, said the license will allow Canadians to securely access the crypto market without regulatory restraints.

“With this FINTRAC registration, we’re not just expanding our operations; we’re building trust within the Canadian crypto community. Strong regulatory frameworks foster confidence, and we want Canadians to enjoy easy and compliant access to digital assets without navigating complex regulations on their own.”

Meanwhile, over the years, the Canadian crypto market has shown considerable growth, with a recent study by the Bank of Canada indicating that 13% of Canadians owned Bitcoin (BTC) as of 2021. The acceptance of the crypto asset has placed Canada among the leading adopters of the crypto economy in the world.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News
Chimamanda U. Martha

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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