{"id":20521,"date":"2022-01-11T15:50:46","date_gmt":"2022-01-11T13:50:46","guid":{"rendered":"https:\/\/coincheckup.com\/blog\/?p=20521"},"modified":"2022-01-11T15:50:46","modified_gmt":"2022-01-11T13:50:46","slug":"scallop-obtains-msb-license-for-operations-in-canada","status":"publish","type":"post","link":"https:\/\/coincheckup.com\/blog\/scallop-obtains-msb-license-for-operations-in-canada\/","title":{"rendered":"Scallop obtains MSB license for operations in Canada"},"content":{"rendered":"<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/coincheckup.com\/blog\/wp-content\/uploads\/MSB_License_1641893553PtFUIvpB2U-1.jpg\"><\/p>\n<p><span><strong>London, England, 11th January, 2022, Chainwire<\/strong><\/span><\/p>\n<p><\/p>\n<p>London, England, 11th January 2022 &#8211; <a href=\"https:\/\/www.scallopx.com\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>Scallop<\/u><\/a> has acquired money services business, or MSB, license from Financial Transactions and Reports Analysis Centre (FINTRAC). The Canadian MSB license issued by FINTRAC, allows SCALLOP FINTECH INC, (Scallop Group Limited\u2019s Canadian corporation subsidiary) to conduct money transfers and be a dealer for foreign exchange, as well as for virtual currencies. \u00a0\n<\/p>\n<ul>\n<li>Foreign Exchange dealing allows Scallop to conduct transactions to exchange one type of currency for another (for example, exchanging USD for CAD).<\/li>\n<li>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 ch&#8217;ien, and Chitti.\u00a0<\/li>\n<li>Virtual Currency Dealing permits Scallop to hold and trade virtual currencies including fiat and cryptocurrencies.<\/li>\n<\/ul>\n<p>\nThis license will facilitate the Company\u2019s robust DeFi banking ecosystem, which includes IBAN Accounts, Multi-Currency Wallets, Transfers and Remittance, as well as an NFT Marketplace and a native blockchain, Scallop Chain, into the North American region, offering users and institutional partners regulated crypto and banking services.\n<\/p>\n<p>Raj Bagadi, Founder and CEO, Scallop said:<\/p>\n<p>\u201c 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.&#8221;\n<\/p>\n<p><b>About Scallop<\/b>\n<\/p>\n<p>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.\n<\/p>\n<p>Official Scallop Links<\/p>\n<p><a href=\"https:\/\/www.scallopx.com\" rel=\"nofollow noopener\" target=\"_blank\"><u>Website<\/u><\/a> | <a href=\"https:\/\/twitter.com\/ScallopDefiBank\" rel=\"nofollow noopener\" target=\"_blank\"><u>Twitter<\/u><\/a> | <a href=\"https:\/\/t.me\/Scallop_Official\" rel=\"nofollow noopener\"><u>Telegram<\/u><\/a> | <a href=\"https:\/\/medium.com\/scallopx\" rel=\"nofollow noopener\" target=\"_blank\"><u>Medium<\/u><\/a> | <a href=\"https:\/\/www.linkedin.com\/company\/scallopx\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>LinkedIn<\/u><\/a> | <a href=\"https:\/\/tinyurl.com\/scallop-light\" rel=\"nofollow noopener\" target=\"_blank\"><u>ScallopLight<\/u><\/a> | <a href=\"https:\/\/www.facebook.com\/Scallop-100189385791366\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>Facebook <\/u><\/a>| <a href=\"https:\/\/www.instagram.com\/scallop_app\/\" rel=\"nofollow noopener\" target=\"_blank\"><u>Instagram<\/u><\/a><\/p>\n<p>Media Contact:<\/p>\n<p>Karampal Singh<\/p>\n<p>Email: karampal.s@scallopx.com<\/p>\n<p>Company: Scallop Group Limited<br \/>\n\u00a0<\/p>\n<p><\/p>\n<h5>Contacts<\/h5>\n<ul>\n<li><strong>Karampal Singh<\/strong><\/li>\n<li><strong>karampal.s@scallopx.com<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>London, England, 11th January, 2022, Chainwire London, England, 11th January 2022 &#8211; Scallop has acquired money services business, or MSB, license from Financial Transactions and Reports Analysis Centre (FINTRAC). The&#8230;<\/p>\n","protected":false},"author":25,"featured_media":20517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ast_enabled":false,"_ast_config_mode":"defaults","_ast_targets":[],"_ast_fields":[],"_ast_overwrite":"always","_ast_creation_mode":"sync","_ast_last_source_hash":"","_ast_status_it":"","_ast_status_sl":"","_ast_status_fr":"","_ast_status_id":"","_ast_status_pt":"","_ast_status_tr":"","_ast_status_ru":"","_ast_status_de":"","_ast_status_es":"","footnotes":""},"categories":[545],"tags":[],"class_list":{"0":"post-20521","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-press-release"},"lang":"en","translations":{"en":20521},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts\/20521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/comments?post=20521"}],"version-history":[{"count":0,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/posts\/20521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/media\/20517"}],"wp:attachment":[{"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/media?parent=20521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/categories?post=20521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coincheckup.com\/blog\/wp-json\/wp\/v2\/tags?post=20521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}