• Through the acquisition of these licenses, Transak is now allowed to directly facilitate crypto transactions for people and companies in both states.
  • Gaining access to the Missouri MTL paves the way for new prospects in a state that is well-known for its thriving fintech ecosystem.
  • As Transak continues to expand its operations in the United States, the firm is making concerted efforts to get new state licenses.

With the acquisition of Money Transmitter Licenses (MTLs) in the states of Illinois and Missouri, Transak , a leading provider of Web3 payments infrastructure, has further strengthened its regulatory footprint in the United States. Through the acquisition of these licenses, Transak is now allowed to directly facilitate crypto transactions for people and companies in both states, therefore extending the accessibility and breadth of the services it provides.

These new licenses provide Transak USA the ability to operate independently in these states, making it possible for the company to directly facilitate cryptocurrency transactions for citizens and companies. This has the effect of broadening the range of services that are accessible in the state.

A Money Transmitter License , also known as an MTL, is an essential regulatory requirement for businesses in the US that deal with payments and finances. Businesses are granted permission to participate in activities related to money transmission, which ensures that they are in accordance with financial laws and regulations pertaining to consumer protection. Because an MTL makes it possible for Web3 payment providers like Transak to directly facilitate transactions from fiat currency to cryptocurrency, it improves the level of security, compliance, and operational efficiency on their end.

Because of the inclusion of these two important state licenses, Transak is now able to overcome the constraints that come with operating under licenses issued by external providers. Transak is now able to:

  • Offer transfers from fiat currency to cryptocurrency that are quicker and more seamless, without the need for intermediaries, to ensure a more seamless user experience.
  • Offer local companies who were previously confined by third-party compliance rules or constraints individualized payment options that may be adjusted to their specific needs.
  • In light of the fact that Transak’s activities are directly regulated in accordance with state-specific financial legislation, security and consumer protection should be improved.
  • Develop better connections with businesses and financial institutions, since these entities prefer to collaborate with providers that are fully licensed and in compliance with state regulations.
  • All of its product offerings, including remittance services, payroll solutions, and direct cross-border payments, should be expanded within a framework that is compliant.

Bryan Keane , Compliance Officer (Americas) at Transak stated:

“Securing two Money Transmitter Licenses in such a short span is a testament to the team’s commitment to regulatory excellence and user trust. By securing Money Transmitter Licenses across key states like Illinois and Missouri, we are ensuring a trusted and compliant environment for users, businesses, and developers who rely on our payments infrastructure.”

Transak is in a position to tap into one of the states in the United States that is the most forward-thinking in terms of blockchain technology thanks to the Illinois MTL. The state of Illinois has been a center for cryptocurrency innovation for a very long time. This is due to the Illinois Blockchain Initiative (IBI) and the top-tier blockchain research that is conducted at the University of Illinois . As a result of the Illinois MTL, Transak is now able to provide its comprehensive range of services to meet the ever-increasing demand for blockchain-based applications, gaming, and decentralized finance (DeFi).

Gaining access to the Missouri MTL paves the way for new prospects in a state that is well-known for its thriving fintech ecosystem and its rising interest in the use of cryptocurrencies. The new license makes it possible for Transak to provide regulated fiat-to-crypto solutions to local businesses and individuals who are looking for such solutions. This brings compliance and trust to a market that is significantly expanding. In addition to this, it places Transak in a position to support initiatives aimed at achieving financial inclusion throughout the region, offer services for direct remittance, and facilitate payroll processing for companies that are friendly to cryptocurrencies.

As a result of Transak’s previous approvals in other important states in the United States, specifically Alabama and Delaware , the company has received back-to-back licenses in the states of Illinois and Missouri. These licenses serve to reinforce the company’s commitment to regulatory compliance, financial transparency, and the commitment to support more users across the United States. According to Transak’s long-term strategy, the company intends to acquire licenses in a number of additional states.

As a result of its current registration as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) and its ISO/IEC 27001 certification, Transak is in an excellent position to maintain the highest possible standards of security, compliance, and financial integrity.

Bryan Keane , Compliance Officer (Americas) at Transak added:

“The U.S. regulatory landscape for crypto is evolving rapidly, and our goal is to stay ahead by securing the necessary licenses to serve our users with the confidence and trust they deserve. Illinois and Missouri are just the start of what’s to come. We’re excited to expand our reach and support the digital economy’s growth.”

As Transak continues to expand its operations in the United States, the firm is making concerted efforts to get new state licenses, which will increase both its coverage and its accessibility even further.

In addition to being the most compliant and largest Web3 payments infrastructure provider in the world, Transak serves more than 8.3 million users in more than 160 countries internationally. It is the driving force behind more than 450 platforms, making it possible to buy and sell digital assets via its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify know your customer, compliance, payment methods, and customer support features.
Bengaluru serves as a technology center for Transak, which also has offices in London, Milan, Dubai, and Hong Kong. The company’s headquarters are located in Miami, United States, and it was established in Delaware.