Transak,aprominentplayerinWeb3payments,recentlyannouncedthatitsCanadianentity,TransakCanada,hasofficiallyregisteredwithFINTRAC,theFinancialTransactionsandReportsAnalysisCentreofCanada.ThisdevelopmentcoincideswithsignificantgrowthintheCanadiancryptocurrencymarket.ABankofCanadasurveyfoundthatabout13%ofCanadianshadinvestedinBitcoinin2021whichshowsagrowingtrendintheuseofcryptocurrencies.
🇨🇦Bignews,Canada!🚀@TransakisnowFINTRACregistered,whichmeanseasier,saferaccesstocryptoacrossthecountry!
Readmoreon@Investingcom➡️https://t.co/3Wtkz0ciEY
Whatyouget👇🏼
–QuickCryptoBuys&Sells-Sayyestoeasytransactions
–SecurePayments-…pic.twitter.com/VSYqVjnbNl—Transak(@Transak)November3,2024
CanadaAdvancesinCryptoRankingsasKeyMarketforTransak
FromtheChainalysis’reports,therankingofCanadaincryptocurrencyadoptionrosefrom20thin2022to19thin2023andthento18thin2024.Thisgradualincreaseisevidenceofthegradualincreaseintheadoptionofdigitalassetsinthecountry.
AccordingtoBryanKeane,theComplianceOfficeratTransak,thecountryisakeymarketforTransakandtheoverallcryptocurrencyspace.HestressedthathelpingCanadianstobuydigitalassetswithouthavingtodealwithcompliancehurdlesontheirownisamajorgoal.Keanealsostatedthathewasoftheopinionthattheproperlegalrequirementsareimportantforthesustainabledevelopmentofthesector.
TransakEnhancesCryptoAccessibilityforCanadianCustomerswithInterace-Transfers
Withtheregistration,TransakbecomesregisteredMoneyServicesBusiness(MSB)withFINTRAC–anindependentagencythatpolicesthefinancialsystemagainstlegalviolations.Togetthisregistration,severalcompliancemeasureswererequiredsuchasassessmentofcustomers;KYC/AML,measuresagainstmoneylaunderingandfinancingofterrorism,andpoliciesinfinancialreporting.
KeanealsoaddedthatthisregistrationnotonlyhelpedTransakbutalsoincreasedconfidencewithintheentireCanadiancryptospace.Consequently,CanadiancustomersarenowabletousecreditanddebitcardsaswellasInterace-Transfersforpayments.ThisnewcomplianceframeworkprovidesthecompaniesusingTransakserviceswithanopportunitytoeasilyimplementcryptoon/offrampsintotheirapplications.
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