Transak, a Miami-based Web3 payments platform, has achieved two regulatory milestones in both Canada and the United States. In Canada, Transak has registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), while in the U.S., it secured a Money Transmitter License (MTL) in Delaware.

According to the team, these developments aim to enhance Transak’s regulatory alignment as it pursues broader market access in North America’s expanding cryptocurrency sector. FINTRAC’s registration recognizes Transak Canada as an MSB, holding the company to strict anti-money laundering (AML) and anti-terrorist financing (ATF) standards. This move, Transak says, comes amid increasing cryptocurrency adoption in Canada, where an estimated 13% of Canadians owned bitcoin (BTC) in 2021.

Registration with FINTRAC also obligates Transak to ongoing compliance measures, such as implementing Know Your Customer (KYC) protocols and monitoring transactions for suspicious activity. Transak claims the compliance infrastructure is designed to provide Canadian users with a secure and regulated environment for digital asset transactions.

In the United States, Transak USA LLC has secured its second state-level MTL, this time from Delaware, following its initial license from Alabama in September. The Delaware license allows Transak to offer regulated crypto services, including purchasing and off-ramping digital assets, to residents and businesses within the state. Holding multiple MTLs is part of Transak’s broader compliance strategy the team explained to Bitcoin.com News as it seeks to establish a regulated footprint across various states.

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