London, England, 12th January, 2022 – Scallop has acquired a money services business (MSB) license from the Financial Transactions and Reports Analysis Centre (FINTRAC). The Canadian MSB license issued by FINTRAC allows Scallop Fintech Inc (Scallop Group Limited’s Canadian corporation subsidiary) to conduct money transfers and be a dealer for foreign exchange, as well as for digital currencies.
- Foreign exchange dealing allows Scallop to conduct transactions to exchange one type of currency for another — e.g., exchanging United States dollars for Canadian dollars).
- Money Transferring permits Scallop to transfer funds from one person or entity to another using an electronic funds transfer network or any other method, such as Hawala, Hundi, Fei-Chien, and Chitti.
- Dealing digital currency permits Scallop to hold and trade digital currencies including, fiat and cryptocurrencies.
This license will facilitate the company’s robust decentralized finance banking ecosystem, which includes IBAN accounts, multi-currency wallets, transfers and remittances, as well as a nonfungible token marketplace and a native blockchain, Scallop Chain, into the North American region, offering users and institutional partners regulated crypto and banking services.
Raj Bagadi, founder and CEO, Scallop said:
“We are extremely proud of this moment. The MSB license adds to our license in the European Union already. Receipt of this license and successful registration highlights our commitment to cooperatively working with regulators in the jurisdictions that we operate in across the globe. Canada is a key country in the digital asset world and so we are delighted with this expansion path.”
Scallop is an innovative fintech ecosystem for users who want a faster and more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets further into mainstream usage and bridge the gap between decentralized and traditional finance.
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Company: Scallop Group Limited