The Alabama Securities Commission gave Transak its first Money Transmitter License (MTL) in Alabama. Transak is a provider of Web3 payments technology. This is a big step forward for the company’s growth across the US, and it now makes it legal for Transak to help people buy and sell cryptocurrencies in the state.
Transak already does business in 46 US states through third-party services, but Alabama is the first state where the company has its own legal MTL. Transak’s bigger goal is to fully comply with all US state regulations. This step is part of that plan, and it will allow the company to provide safe and legal bitcoin services.
Since Transak is a recognized money service business with the Financial Crimes Enforcement Network (FinCEN), it needs to get state-level permits. Because US financial laws vary a lot from state to state, getting these licenses takes a long time. Transak is determined to see it through, though.
The new license makes cryptocurrency purchases easier and safer for people in Alabama. Transak wants to improve its users’ experiences by following the rules and making sure all deals are held to the highest levels of safety and speed.
Transak’s move into Alabama is in line with its goal to make cryptocurrency more available to more people. The platform will offer smooth and legal crypto trades by connecting its services to decentralized apps. This will help build trust in state digital asset markets.
Crypto bank payments for US users were added by Transak earlier this year. They were the first fiat-to-crypto on-ramp to offer this service. Sami Start, co-founder and CEO of the company, was positive about the growing use of crypto in everyday life. He thinks that more people will use cryptocurrencies if they can use safe and known payment methods like wire transfers.
Transak is still focused on following the US’s complicated rules as it continues to get more licenses across the country. This will make sure that users have a fast and effective experience as the company grows in the crypto market, which is changing quickly.
