Zero Hash Announces Canadian FINTRAC registration; now able to service Canadian residents
Zero Hash now able to act as a gateway to the North American continent, powering access for the digital asset ecosystem
/EIN News/ -- CHICAGO, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Zero Hash today announced that it has successfully registered as a Canadian Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada, better known as FINTRAC, to service Canadian residents. In the United States, Zero Hash is already registered as an MSB with FinCen, holds a Money Transmitter License or relevant exemption in 50 states/territories and a New York BitLicense holder.
Similar to how “Banking as a Service” enables companies to focus on building products, Zero Hash provides the infrastructure to settle digital assets in a completely automated and regulated way. Zero Hash’s client base, that it has publicly announced, includes payment service providers including Moonpay and Banxa, established broker dealers including Tradestation and now tastyworks as well as some of the largest OTC groups globally.
In early 2020, FINTRAC unveiled plans for an “enhanced AML regime” and the requirement for crypto firms servicing Canadian residents to register as a Money Service Business. Such registration establishes scrutiny on cryptocurrency transfers and customer identification.
“We are pleased that our registration with FINTRAC allows us to be the true gateway to North America for companies to launch digital assets or expand into the geography,” said Edward Woodford, Zero Hash’s CEO. “Zero Hash converts high fixed costs and multi-year lead times both from a technical and regulatory perspective into low variable costs, with accessibility to these financial assets with a couple of lines of code.”
Key features of Zero Hash include:
- Identity: Verify users’ identities, with KYC/AML requirements under the BSA and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- Balance: Verify real-time account balances and deposits across all assets, with ownership validation.
- Lock: Lock and unlock the withdrawals of assets in real time for committed and exited transactions.
- Transfer: Transfer the ownership of assets with Zero Hash providing the regulatory framework to serve the entire North American continent. All transfers can be automated with a full screening of assets to ensure compliance and peace of mind.
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Transactions: Access detailed transaction history with real time transaction updates across 100+ transaction pairs.
About Zero Hash
Zero Hash’s mission is to empower innovators by delivering access to the financial system 2.0. Zero Hash enables developers and businesses to focus on building experiences and products. We power your favorite brokerage app or neo bank to offer BTC, provide the rails to the 2.0 payment processors, give platforms the ability to facilitate instantaneous cross border payments and eliminate complexity for moving assets for the world’s largest liquidity providers.
In the United States, Zero Hash is a FinCen-registered Money Service Business as well as a regulated Money Transmitter that can operate in more than 45 states (providing coverage to roughly 99% of the US population). Zero Hash also holds a virtual currency license from NYDFS.
Zero Hash was voted Innovator of the Year by the 2019 Profit & Loss Readers Choice Awards.
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