Transak Canada Achieves FINTRAC Registration: A Milestone in Crypto Compliance
Miami, Florida, November 1st, 2024, Chainwire
Transak, a global leader in Web3 payments infrastructure, has reached a significant milestone with the official registration of its Canadian entity, Transak Canada, with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
The Rise of Cryptocurrency in Canada
Canada has witnessed a surge in cryptocurrency adoption, with approximately 13% of Canadians owning digital assets in 2021, according to a study by the Bank of Canada. This growing interest in digital assets is further supported by Chainalysis reports, which indicate Canada’s climb in the rankings from 2022 to 2024.
- In 2022, Canada did not make the top 20 list.
- In 2023, Canada secured the 19th position.
- In 2024, Canada improved to the 18th spot.
This progression highlights the country’s increasing acceptance and adoption of digital currencies.
Importance of FINTRAC Registration
By obtaining FINTRAC registration, Transak is now recognized as a Money Services Business (MSB), signaling its dedication to transparent operations and adherence to Canadian financial regulations. This achievement underscores the commitment of Transak and the broader crypto industry to compliance and regulatory standards.
The registration process involves:
- Rigorous KYC/AML compliance measures.
- Robust AML/ATF controls.
- Development and submission of detailed financial reporting policies.
- Ongoing monitoring systems to ensure compliance with legal requirements.
Enhanced Payment Options for Canadians
Canadian customers can now benefit from a wider range of payment options, including credit cards, debit cards, and Interac e-Transfers, making it easier for them to purchase digital assets securely.
Empowering Businesses and Developers
Transak’s FINTRAC registration provides businesses and developers with a compliant and reliable solution for integrating crypto on/off ramps into their applications. This ready-made compliance infrastructure simplifies the process and enhances the user experience for Canadian customers.
About Transak
Transak is a leading Web3 payments infrastructure provider, serving millions of users across 160 countries. With a focus on compliance and user experience, Transak offers API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions to streamline the purchase and sale of digital assets.
Headquartered in Miami, Florida, with a global presence, Transak is committed to providing secure and compliant crypto access to users worldwide.
For more information, visit transak.com or follow Transak on social media platforms.
Contact: Harshit Gangwar – harshit.gangwar@transak.com
Original article published on Chainwire
