Transak has obtained its second Money Transmitter License (MTL) from the state of Delaware, in addition to registering with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
The MTL allows Delaware residents and businesses to utilize the cryptocurrency platform. Transak’s first MTL was issued by the Alabama Securities Commission, and the company plans to further expand its services across the United States.
Sami Start, CEO of Transak, emphasized the importance of appropriate licensing, stating: “We believe that the world’s best payment infrastructure is incomplete without appropriate licenses. 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 U.S. have the confidence to transact freely and securely.”
Regarding the registration with FINTRAC, Bryan Keane, compliance officer at Transak, remarked: “We believe that strong legal and compliance frameworks are essential for fostering trust and confidence in the crypto industry. 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.”
With this registration, Transak is recognized as a Money Service Business and is committed to transparent operations and adherence to Canadian financial regulations.