Key Takeaways
- Transak obtained money transmitter licenses in five additional US states: Iowa, Kansas, Michigan, South Carolina, and Vermont.
- These licenses enable Transak to expand its regulated fiat-to-crypto operations across the US.
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Transak, a stablecoin payment company, has secured money transmitter licenses in five new US states to expand its regulated fiat-to-crypto operations. The company obtained licenses in Iowa, Kansas, Michigan, South Carolina, and Vermont.
The expansion highlights the ongoing need for crypto firms to navigate state-by-state compliance requirements for stablecoin operations across the US. Money transmitter licenses are required in most states for companies facilitating cryptocurrency transactions.
The move underscores the patchwork approach to stablecoin compliance in the US, as companies build infrastructure for broader fiat-to-crypto accessibility amid increasing regulatory scrutiny of digital asset services.