This follows the company’s first MTL obtained from the Alabama Securities Commission just a month prior. The latest licence is part of Transak's ongoing efforts to adhere to regulatory standards while expanding its operations in the US market.
The acquisition of the Delaware MTL is seen as crucial for Transak’s strategy to support trust and comply with US financial regulations. Delaware residents and businesses will now have access to Transak’s secure platform for cryptocurrency transactions. The company aims to maintain alignment with state-specific compliance requirements while providing a reliable service consistent with its global offerings.
In essence, Transak's recent licencing advances its operations in the US and aims to position it as a viable partner for various Web3 initiatives, exchanges, and wallets looking to expand in this market.
Company officials emphasised the importance of obtaining necessary licences for establishing a secure and compliant payment ecosystem, stating that the new Delaware license highlights the company's dedication to creating a dependable environment for users and businesses across the US.
In addition, Transak Canada has received official registration from FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business. This registration is particularly timely, given the notable growth in the Canadian cryptocurrency market. Specifically, a Bank of Canada study indicated that approximately 13% of Canadians owned Bitcoin in 2021, demonstrating a rising interest in digital assets.
Reports from Chainalysis show a positive trend in cryptocurrency adoption in Canada, with the country moving from 19th to 18th place in global rankings from 2023 to 2024. Representatives from Transak noted that Canada is a significant market for the company and expressed a desire to simplify the purchase of digital assets for Canadians without the burden of navigating compliance independently.
They underscored the importance of clear regulations for the long-term growth of the crypto industry and highlighted Transak's commitment to fostering a secure environment by working with regulatory bodies such as FINTRAC.
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