Transak expands US services after securing Alabama license
Transak, a Web3 payments infrastructure provider, has secured the first Money Transmitter License from the Alabama Securities Commission.
This new license allows Transak to legally conduct cryptocurrency transactions in Alabama, marking an important step in expanding into the US market.
Transak is currently approved to operate legally in nearly 46 states, bolstered by a license in Alabama, but still needs more licenses before it can fully serve all users in the US.
Legal Compliance in the United States
The addition of this new license is part of Transak’s efforts to comply with US financial regulations, ensuring the safety and compliance of every cryptocurrency transaction the company conducts.
As a registered Money Services Business with the Financial Crimes Enforcement Network (FinCEN), Transak is required to hold a state license to provide services to U.S. residents.
Due to the complexity and diversity of state laws in the US, this process is expected to take some time before achieving full coverage of the entire US.
Impact on the Cryptocurrency Market
This new license will allow Transak to provide improved cryptocurrency services to Alabama residents, including faster transactions and better order fulfillment.
Regulatory compliance requirements in the US market are becoming increasingly stringent, and this latest license helps Transak meet that growing demand.
Decentralized applications (DApps) that integrate with Transak’s service will benefit states like Alabama, but for states that don’t have a license yet, users may have to wait a while before seeing improvements.
First to offer cryptocurrency trading in the US
On August 6, Transak became the first fiat-to-crypto platform to introduce bank transfers for cryptocurrency users in the US.
Sami Start, co-founder and CEO of Transak, told TinTucBitcoin that “adding this familiar and secure payment method” is a pioneering step for cryptocurrency adoption.
Start also explained that “rapid growth” is expected as users become more comfortable using cryptocurrencies for “everyday transactions,” with bank transfers being a driving force behind this goal.
#tintucbitcoin.com #tintucbitcoin #Write2Win #MarketDownturn #BinanceTurns7
