Transak secures Alabama license, expands US crypto services
Transak, a Web3 payments infrastructure provider, has secured a Money Transmitter License (MTL) from the Alabama Securities Commission.
The license will enable Transak to legally facilitate cryptocurrency transactions in Alabama, marking a step for the firm’s expansion into the United States.
Despite operating in 46 US states through third-party providers, Alabama is the first US state in which Transak has received an MTL.
Regulatory compliance in the US
The latest license addition is part of Transak’s broader effort to comply with US financial regulations to ensure the safety and compliance of all crypto transactions it facilitates.
Related: Transak becomes first US crypto on-ramp to enable wire transfers
Transak must obtain state-level licenses to offer its services to US residents as a registered Money Service Business with the Financial Crimes Enforcement Network.
Given the complexity and variance in state laws in the US, this process is expected to take some time before complete US coverage is achieved.
Related: Immutable expands Web3 gaming payment options with Transak integration
Implications for the crypto market
The new license will allow Transak to offer improved crypto services to Alabama residents, including faster transactions and enhanced request fulfillment.
The US markets’ regulatory compliance requirements are becoming increasingly stringent, and this latest license helps Transak meet the regulatory demand.
Decentralized applications integrated with Transak’s services will benefit states like Alabama.
Related: UK’s FinProm a welcome change, but challenge persists — Transak compliance head
First to provide US crypto on-ramp
On Aug. 6, Transak became the first fiat-to-crypto on-ramp , introducing crypto wire transfers for US users.
Sami Start, the co-founder and CEO of Transak, told Cointelegraph then that “adding this familiar and secure payment method” was a step toward adopting crypto.
Start also said that “rapid growth” is expected as users become more comfortable using crypto for “everyday transactions,” with wire transfers pushing toward that goal.
Magazine: Advanced AI system is already ‘self-aware’ — ASI Alliance founder
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will Millions of Pi Network Users Lose their Coins Today?
A major issue that affects many users is the impact of referral circles. In Pi Network, pioneers earn rewards based on their network for referrals.
Grayscale files for XRP ETF with the New York Stock Exchange
Why TradFi firms could turn to bitcoin margin loans: Maple CEO
Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.