Transak Canada Achieves FINTRAC Registration, Strengthening Commitment to Secure and Compliant Crypto Access
Miami, Florida, November 1st, 2024, Chainwire
Transak, a global leader in Web3 payments infrastructure, is proud to announce its Canadian entity’s (Transak Canada) official registration with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
This achievement comes during significant growth in the Canadian cryptocurrency market. According to a study by the Bank of Canada, approximately 13% of Canadians owned Bitcoin in 2021, showcasing a rising interest in digital assets.
The growing interest in cryptocurrency adoption is evident from Chainalysis reports spanning 2022, 2023, and 2024. While Canada did not make the top 20 list in 2022, it climbed to 19th place in 2023 and further improved to 18th in 2024, reflecting steady progress in the country’s embrace of digital assets.
“Canada is a very important market for Transak and the cryptocurrency industry in general. So, want Canadians to be able to purchase digital assets without having to figure our compliance on their own. We believe that clear and consistent regulation is crucial for the long-term growth of the crypto industry. By engaging with regulatory bodies like FINTRAC, we aim to foster a safe and transparent 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 safeguarding the financial system from money laundering, terrorist financing, and other financial crimes. By obtaining this registration, Transak is recognized as a Money Services Business (MSB), affirming its commitment to transparent operations and compliance with Canadian financial regulations.
The process to become a FINTRAC-registered MSB involves the following:
- Rigorous KYC/AML compliance measures.
- Demonstrating robust AML/ATF controls.
- Development and submission of detailed financial reporting policies.
- Ongoing monitoring systems to ensure transactions are legitimate and aligned with legal requirements.
“We believe that strong legal and compliance frameworks are essential for fostering trust and confidence in the crypto industry. This registration involved a thorough review of our operations and close collaboration with Canadian authorities. Now, FINTRAC registration opens doors for Transak and the entire Canadian crypto community,” said Bryan Keane, Compliance Officer at Transak.
Canadian customers can now enjoy a broader range of payment options, including credit cards, debit cards, and Interac e-Transfers, making it easier to purchase digital assets.
Businesses and developers integrating Transak’s services can be assured of a compliant and reliable solution for their Canadian user base. This simplifies the process of adding crypto on/off ramps to their applications because they now get a ready-made compliance infrastructure.
About Transak
Transak is the world’s most compliant and largest Web3 payments infrastructure provider, serving over 8.13 million users across 160 countries. It powers 350+ platforms, facilitating the purchase and sale of digital assets with its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support.
Headquartered in Miami, Florida, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.
For more information, visit transak.com or follow us on x.com/transak and linkedin.com/company/transak.
