Transak, a prominent player in Web3 payments, recently announced that its Canadian entity, Transak Canada, has officially registered with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. This development coincides with significant growth in the Canadian cryptocurrency market. A Bank of Canada survey found that about 13% of Canadians had invested in Bitcoin in 2021 which shows a growing trend in the use of cryptocurrencies.
Canada Advances in Crypto Rankings as Key Market for Transak
From the Chainalysis’ reports, the ranking of Canada in cryptocurrency adoption rose from 20th in 2022 to 19th in 2023 and then to 18th in 2024. This gradual increase is evidence of the gradual increase in the adoption of digital assets in the country.
According to Bryan Keane, the Compliance Officer at Transak, the country is a key market for Transak and the overall cryptocurrency space. He stressed that helping Canadians to buy digital assets without having to deal with compliance hurdles on their own is a major goal. Keane also stated that he was of the opinion that the proper legal requirements are important for the sustainable development of the sector.
Transak Enhances Crypto Accessibility for Canadian Customers with Interac e-Transfers
With the registration, Transak becomes registered Money Services Business (MSB) with FINTRAC – an independent agency that polices the financial system against legal violations. To get this registration, several compliance measures were required such as assessment of customers; KYC/AML, measures against money laundering and financing of terrorism, and policies in financial reporting.
Keane also added that this registration not only helped Transak but also increased confidence within the entire Canadian crypto space. Consequently, Canadian customers are now able to use credit and debit cards as well as Interac e-Transfers for payments. This new compliance framework provides the companies using Transak services with an opportunity to easily implement crypto on/off ramps into their applications.
