According to Cointelegraph, Web3 payment infrastructure provider Transak has obtained the first Money Transmitter License (MTL) issued by the Alabama Securities Commission. The license will enable Transak to legally conduct cryptocurrency transactions in Alabama, marking an important step in its expansion in the United States.
Transak is licensed to operate in nearly 46 states, but more licenses are needed to fully serve all US users. As a FinCEN-registered Money Service Business, Transak must have state licenses to provide services to US residents. The new license will enable Transak to provide faster transactions and enhanced request fulfillment to Alabama residents.
On August 6, Transak became the first fiat-to-crypto onramp to offer wire transfers for users in the U.S. Co-founder and CEO Sami Start said adding this familiar and secure payment method is an important step in driving cryptocurrency adoption.
