Miami, Florida, November 1, 2024, Chainwire
Transak, the global leader in Web3 payments infrastructure, is proud to announce the official registration of its Canadian entity (Transak Canada) in FINTRAC (Financial Transactions and Reporting Analysis Center of Canada).
This achievement came amid significant growth in the Canadian cryptocurrency market. According to a Bank of Canada study, approximately 13% of Canadians owned digital assets in 2021, demonstrating growing interest in digital assets.
The growing interest in cryptocurrency adoption is clearly noticeable in Chainalytic’s reports covering 2022, 2023 and 2024. While Canada did not make the top 20 list for 2022, it did climb 19th place in 2023 and further improved 18th in 2024which reflects continued progress in the country’s apply of digital resources.
“Canada is a very crucial market for Transak and the cryptocurrency industry in general. So we want Canadians to be able to buy digital assets without having to check our compliance themselves. We believe that clear and consistent regulation is critical to the long-term growth of the crypto industry. By working with regulators such as FINTRAC, we strive to create a unthreatening and clear environment for all participants in the Canadian crypto ecosystem,” said Bryan Keane, Compliance Officer at Transak .
FINTRAC is Canada’s national financial intelligence agency responsible for protecting the financial system against money laundering, terrorist financing and other financial crimes. Having obtained this registration, The transaction is considered a money services entity (MSB)reaffirming its commitment to transparency and compliance with Canadian financial regulations.
The process of becoming a FINTRAC registered MSB includes the following steps:
- Rigorous Measures to ensure KYC/AML compliance.
- Showing solidity AML/ATF checks.
- Preparation and submission of detailed information financial reporting rules.
- Current monitoring systems to ensure that transactions are legal and comply with legal requirements.
“We believe that a strong regulatory and compliance framework is essential to building trust in the crypto industry. This registration included a thorough review of our operations and close cooperation with Canadian authorities. Now, FINTRAC registration opens the door to Transak and the entire Canadian cryptocurrency market community,” said Bryan Keane, Compliance Officer at Transak.
Canadian customers can now enjoy a wider range of payment options, including credit cards, debit cards and Interac e-Transfersmaking it easier to purchase digital assets.
Companies and developers integrating Transak services can be assured that they will receive a compatible and reliable solution for their Canadian user base. This simplifies the process of adding crypto enable/disable ramps to their applications as they now receive them ready compliance infrastructure.
About Transak
Transak is the world’s most compliant and largest Web3 payments infrastructure provider, serving over 8.13 million users in 160 countries. It supports over 350 platforms, making it easier to buy and sell digital assets with an API-based fiat-crypto on/off platform, NFT cash register, and other solutions that simplify KYC, compliance, payment methods, and customer service.
Headquartered in Miami, Florida and incorporated in Delaware, Transak has a technology center in Bengaluru and offices in London, Milan, Dubai and Hong Kong.
For more information, please visit transak.com or follow us at x.com/transak andlinkedin.com/company/transak.
ContactHarsh gangwarharit.gangwar@transak.com
