Transak is proud to be registered with FIU-India as a VDA SP (Virtual Digital Assets Service Provider)

05 Dec 2023

compliance poster

Transak, a leading Web3 onboarding infrastructure provider, has become the first global Web3 company to receive approval from Financial Intelligence Unit of India (FIU-India) as a VDA SP (Virtual Digital Assets Service Provider). This marks a revolutionary step towards solidifying its presence in the rapidly expanding Indian digital assets market. The FIU (Financial Intelligence Unit) registration is a noteworthy development in India’s digital assets regulatory framework

In March, India placed digital assets, including cryptocurrencies, under the Prevention of Money Laundering Act (PMLA), requiring crypto businesses to register with the Financial Intelligence Unit (FIU). This move is a significant step towards regulating the digital asset industry in India. The FIU registration adds trust and credibility to companies in this space, showing the government's thoughtful approach to this growing sector.

“Our goal is to bring over a billion users to Web3, and India's vast user and developer base is crucial for this mission. Securing FIU-compliance in India underscores our unwavering commitment to Web3 innovation, balanced with strict compliance adherence.”, said Yeshu Agarwal, Transak’s Co-founder & CTO.

Transak’s flagship crypto on/off-ramp and NFT checkout solutions are being used by millions of users globally and integrated by 350+ leading applications such as MetaMask, Trust Wallet, Decentraland, and Splinterlands, facilitating user onboarding. With Transak, users across 155+ countries can effortlessly acquire 160+ digital assets using various payment options such as cards, bank transfers, and over 20 local payment methods.

Its relentless pursuit of compliance excellence is further solidified as it is already regulated by the FCA in the UK, registered as VASP in Poland, and as an MSB in the USA. The  FIU approval  magnifies Transak’s endeavor to intensify its expansion plans in India and remains committed to maintaining a leading position in global-digital assets compliance adherence.

This alignment between governmental frameworks and crypto entities illuminates a symbiotic relationship, promoting growth, innovation, and secure operational landscapes for companies like Transak. Transak's accomplishment is not only a beacon for global Web3 companies eyeing expansion into India but also positions it as a prime partner for businesses aiming to onboard users from this region.

With a lively tech hub as its backbone and over 70 team members based in Bengaluru, Transak's Operational Headquarters, the company keeps pushing the envelope in innovation and creating local and global web3 job opportunities. The leadership team of Transak includes seasoned leaders from some of India's top fintech and e-commerce unicorns, significantly boosting its operational and strategic capabilities.

Recently, Transak raised a solid $20 million in its Series A funding round, with notable venture capital firms such as Woodstock and Animoca Brands leading the way. Additionally, the funding scope widened with investments from the venture capital branches of reputable banks like UOB, KX, and SBI Ven Cap.

“This is a pivotal moment for us and our team in Bengaluru as we further the growth of the digital assets industry in India and beyond.” said Sami Start | Co-founder & CEO, Transak

About Transak

Transak is a global Web3 payment and onboarding infrastructure provider, facilitating seamless transitions between traditional finance and digital assets. Web3 platforms using Transak can enable users to buy, sell or mint 160+ digital assets across 75+ blockchains from 155+ countries, while Transak reduces the complexities of user KYC, risk monitoring, compliance, payment methods and customer support. Trusted by over 350 leading apps, including MetaMask, Coinbase, and backed by industry leaders like Animoca Brands, Consensys, UOB, KX and more, Transak is making Web3 applications more accessible.

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