Transak secures AUSTRAC registration, expands crypto services in Australia

Transak has secured an AUSTRAC registration, which allows it to operate legally in Australia. The world leader in Web3 payment onramps and offramps infrastructure received a Digital Currency Exchange (DCE) certificate, allowing it to complete direct cryptocurrency transactions in the country without breaching financial regulations.

The permit allows the company to operate and “execute business as a fully registered exchange in the country. 

Australia’s DCE certificate is the equivalent of the Virtual Asset Service Provider (VASP) license in other countries. The certification is important to Transak as it gives the company a nod to ensure it follows the country’s stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Because of its registration with AUSTRAC, Transak is legally the first and the only institution that can provide crypto trading services to Australian citizens without having to worry about any grey legality or consumer protection aspects.

The platform felt honoured to be granted in-principle approval by AUSTAC, which affirms its commitment to compliance, security, and consumer protection. Australia is a key market for the firm, and Transak will work closely with regulators as Australia’s digital asset ecosystem continues to expand rapidly.

In a press release, Transak added that the milestone allowed the company to offer Australian fintech platforms, institutional clients, and individual users localized, cost-effective, and efficient payment solutions.

Transak’s recent expansion footprints

Additionally, as a key marker of market entry in Canada, Transak achieved registration as a money services business (MSB) with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

This growth for Transak is not just regulatory compliance—it’s a strategic move to gain more market share in North America. The additional approvals are proof of Transak’s strategic will to grow as a crypto payment titan. Transak recently stretched its horizons by obtaining further licenses in North America.

Such continued growth further allows Transak to be the partner of choice for companies enabling crypto transactions. This allows the company to onboard institutional clients and provides fintech companies with a compliant way to access trusted digital asset onramps and offramps in multiple regions.

Transak’s expanding chain of licenses and partnerships in the US and globally ensures that the firm has been keeping regulators’ requirements in line as it targets more users within and outside the US. With increasing demand for safe and regulated crypto services, Transak’s journey towards world dominance as an alpha in crypto payments and financial inclusion also expands.

Crypto adoption on the rise in Australia

Australian authorities are coming under the spotlight of crypto activities as more people resort to digital assets.

As crypto takes hold in Australia, more Australians aged 25 to 44 now have digital assets. This is reflected in a 2023 crypto exchange Swyftx survey that observed that cryptocurrencies are becoming a part of the investment portfolios of this age bracket.

Since cryptocurrency adoption is expanding nationwide, regulatory bodies are increasingly resorting to pinpointing people who are infringing on norms. Financial and crypto regulatory bodies want to ensure crypto firms are following anti-money laundering requirements and do not break financial guidelines.

Recently, AUSTRAC warned 13 cryptocurrency businesses for failing to meet regulation standards applicable to the digital asset sector. The standards reaffirm the government’s efforts to become a crypto-safe country.

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