Transak has announced that the Alabama Securities Commission has awarded it its first Money Transmitter License (MTL). With this noteworthy accomplishment, Transak’s goal to provide safe and easily accessible crypto services throughout the US has advanced significantly.
Transak’s dedication to operating within a strong regulatory environment and developing a complete and compliant infrastructure in the US is reaffirmed by this license. This move emphasizes its continuous efforts to make crypto more accessible than before, with 46 states already covered for purchases of cryptocurrencies.
With NMLS ID 2362652, the license may be seen by the general public on the Nationwide Multistate Licensing System (NMLS). Transak aims to get more money transmitter licenses across the United States as a licensed Money Service Business with FinCEN, guaranteeing that it can provide its partners and users with a comprehensive range of cryptocurrency options. With the use of these licenses, it is able to provide itsclients with more comprehensive cryptocurrency support, quicker transaction processing, better request fulfillment, and an all-around enhanced experience that the firm stand by.
For those seeking to buy cryptocurrencies, this license translates into more security and peace of mind. Transak, an officially state-licensed Money Transmitter, is subject to strict regulatory scrutiny as part of its official role to ensure that user transactions comply with financial laws and regulations. Customers may join the cryptocurrency market with the assurance that their hard-earned money is being managed properly thanks to this.
Bryan Keane, Compliance Officer at Transak said:
“Obtaining the Money Transmitter License in Alabama showcases the teams’ commitment to compliance and Transak’s mission to make cryptocurrency accessible and secure for everyone. Our aim is to acquire licenses in every state, ensuring that users experience the highest standards of security, speed, and reliability when transacting with cryptocurrencies.”
This step reaffirms Transak’s commitment to improving its customers’ payment capabilities while also adhering to financial and legal regulations in the cryptocurrency space. Additionally, it emphasizes how crucial regulatory compliance is in highly regulated economies like the USA. The company is firmly establishing itself in the US as a fully regulated, reliable financial institution that is well-positioned to properly incorporate cryptocurrencies into conventional financial institutions by aggressively obtaining state licenses.
In Alabama and [soon] other states as Transak increases its license, decentralized apps that have incorporated Transak’s technologies may now provide their consumers with a more seamless cryptocurrency purchasing experience. These platforms may reach a larger audience of users that value trust and regulatory compliance by collaborating with a licensed organization.
The United States continues to be a primary priority as the leading provider of web3 payments infrastructure, supporting over 5.7 million customers in more than 160 countries. Transak has far bigger plans for the US market than just regulatory compliance. The firm is aggressively pursuing regulatory permission from other states, which will help them achieve their objective of providing its partners and users with a more complete and all-encompassing cryptocurrency experience. Larger cryptocurrency options, quicker service fulfillment, and an even more extensive network of partnerships are all possible with this.
Additionally, Transak will be better equipped to respond to the demands of this quickly evolving market by obtaining more licenses. This will allow it to provide discerning customers of financial services and cryptocurrency with the experience they desire, from a crypto company subject to the same strict regulations protecting consumers as any traditional financial institution.
Sami Start, CEO of Transak stated:
“The U.S. is one of our largest markets, and we are committed to delivering the best possible services here. Securing state licenses like this one is essential to achieving that goal.”
Customers may currently buy cryptocurrencies in 46 states thanks to Transak’s extensive service coverage, and more states will be added soon.
