Transak, a Web3 payment infrastructure provider, has received its first money transfer license from the Alabama Securities Commission. This license will allow the company to legally conduct cryptocurrency transactions in the state, marking an important step in its expansion into the US market.
Although Transak already has permission to operate in 46 states, obtaining full coverage in the US will still require a few more licenses.
The license is part of Transak's broader efforts to comply with US financial regulations to ensure the security and compliance of all cryptocurrency-related transactions. As a registered money services business under FinCEN, the company is required to obtain licenses at the state level to provide its services to US residents.
This license will enable Transak to improve its crypto services for Alabama residents, speeding up transactions and enhancing service quality. In other states where licenses have yet to be obtained, users can expect these improvements later.
