Transak, a global fiat on/off-ramp service, has expanded its operation into Australia after receiving its Digital Currency Exchange (DCE) registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC).
This is a big step in Transak’s ongoing international expansion allowing operation within the country’s regulatory framework.
Regulatory Approval Opens Doors for Australian Market
With the DCE registration in hand, Transak can now provide Australians with a safe and regulated way to buy and sell digital currencies.
This approval underlines that the company complies with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations – like standards adhered to by VASPs worldwide.
James Young, Transak’s Head of Compliance, pointed out how important this approval is for the company. He states:
“This validates our commitment to security, compliance, and consumer protection,”
He also noted that Australia is a key market for Transak, and the company is eager to collaborate with regulators to support the country’s growing digital asset sector.
Transak Strengthens U.S. Regulatory Footprint
Following its recent expansion into Australia, Transak is expanding its presence further into the United States. Most recently securing Licenses as Money Transmitters (MTLs) in Illinois and Missouri, which will allow it to directly facilitate cryptocurrency transactions in those states.
These efforts show that Transak is dedicated to broadening its reach while staying compliant with regulations in each market.
Now that Transak has regulatory approval in Australia, they plan to offer a seamless, efficient, and cost-effective payment solution for Australian fintech platforms, businesses, and individual users.
The move will also help ease concerns around regulatory uncertainty and consumer protection in the ever-evolving digital asset space.
As the crypto industry continues to mature, Transak’s regulatory advancements stresses just how vital it is for companies to balance innovation with the trust and compliance needed for smooth, sustainable growth.
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