Web3 payment infrastructure provider Transak has obtained Money Transmitter Licenses (MTLs) in Illinois and Missouri, allowing it to operate independently in these states, crypto.news has confirmed. This development enables Transak to directly facilitate fiat-to-crypto transactions for residents and businesses without reliance on external provider licenses.
A Money Transmitter License permits firms in the U.S. to engage in money transmission activities while complying with financial regulations and consumer protection laws. By securing these licenses, Transak can offer faster fiat-to-crypto transactions and tailored payment solutions for local businesses previously restricted by third-party compliance barriers.
Additionally, the licensing strengthens consumer protection by ensuring Transak’s operations are monitored under state-specific financial regulations. It also opens opportunities for partnerships with financial institutions that prioritize working with fully licensed providers.
Illinois has established itself as a blockchain-friendly state with initiatives like the Illinois Blockchain Initiative and research efforts at the University of Illinois. Missouri, meanwhile, has seen growth in its fintech sector and increasing cryptocurrency adoption.
With its expanded licensing, Transak plans to introduce additional services such as remittance solutions, payroll processing, and cross-border payments within a compliant framework. Bryan Keane, compliance officer for the Americas at Transak, emphasized the company’s focus on adapting to the evolving U.S. regulatory environment.
“Illinois and Missouri are just the start of what’s to come. We’re excited to expand our reach and support the digital economy’s growth,” Keane said.
Headquartered in Miami, Transak continues to build its U.S. presence. In November 2024, it secured MTLs in Alabama and Delaware, reinforcing its commitment to regulatory compliance and financial transparency. The company also introduced wire transfers as a payment method in August 2024, offering a 1% fee with a $2,000 minimum transaction to enhance accessibility for U.S. customers.