Transak announces its official registration with FINTRAC in Canada, enhancing compliance and expanding payment options for digital asset purchases.
Transak, a prominent player in Web3 payments infrastructure, has announced a significant milestone: its Canadian entity, Transak Canada, is officially registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This announcement was shared on Transak’s official X account. It marks an important step for the company in the Canadian market.
This registration comes when the use of cryptocurrencies in Canada is rapidly rising. A recent inquiry shows that about 13% of Canadians possessed Bitcoin as of 2021, making the country interested in cryptocurrencies. More detailed Chainalysis reports confirm this trend as Canada raises its cryptocurrency adoption rank from 20 or lower in 2022 to 19 in 2023 and 18 in 2024. Such a trajectory signifies a constant increase in the adoption of digital currencies in Canada.
Bryan Keane is Compliance Officer at Transak. He stressed that Canada has always been a major market. He said that the goal is to allow Canadians to buy digital assets with less hassle of compliance. Regarding this issue, Keane stressed the importance of consistent and transparent legislation of activities in the sphere of digital assets. In his opinion, this is necessary for further development of the industry. Through cooperating with authorities such as FINTRAC, Transak plans to ensure participants in the Canadian crypto sphere have safe and transparent conditions.
Transak Expands Payment Options Following FINTRAC Registration
FINTRAC is an important Canadian financial agency whose work is centred on protecting the country’s financial system from money laundering, financing of terrorism, and other financial crimes. Transak’s registration as an MSB confirms the company’s commitment to clarity and compliance with Canadian legislation on financial activities.
The registration process demanded a lot of effort, starting with the KYC/AML check and ending with developing a set of rules for preparing financial reports. Transak also carried out stringent anti-money laundering and anti-terrorist financing measures and surveillance systems to ensure all its transactions were legal.
Keane again emphasized the necessity of legal compliance to establish trust in the crypto industry. The extensive assessment of its operations and dealings with Canadian authorities. This is why Transak was able to register and open new doors for Transak and the broader Canadian crypto space.
Now, Canadian customers can take advantage of various payment options. These options include credit cards, debit cards, and Interac e-Transfers, simplifying purchasing digital assets. Businesses and developers utilising Transak’s services can depend on a compliant and reliable solution. Consequently, it makes it easier to integrate crypto on/off ramps into their applications.
