Alchemy goes legit in US with Money Transmitter License

abdelaziz Fathi

Cryptocurrency payment gateway Alchemy Pay has marked a pivotal moment in its global expansion strategy by securing a crucial payment license in the United States. The company has obtained a Money Transmitter License in the state of Arkansas, joining the ranks of crypto giants like Coinbase and Jack Dorsey’s Block.

This license, issued by the Arkansas Securities Department, permits Alchemy Pay to provide various financial products to its user base in the United States. It also helps avoid uncertainty around its legality as it allows Alchemy to act as a money transmitter in the United States with the stringent independent annual audit. The list of authorized services includes selling or issuing payment instruments, managing stored value and prepaid access, and receiving money, digital currency, or monetary value for transmission.

Established in Singapore in 2018, Alchemy Pay is a cryptocurrency payment gateway that specializes in facilitating transactions between fiat currencies, such as the U.S. dollar or euro, and popular cryptocurrencies like Bitcoin and Ether.

With a global reach, the Alchemy Pay platform extends its services to 173 countries, including crucial jurisdictions and regions like Australia, Canada, Hong Kong, the United Arab Emirates, and India, among others.

Reflecting on this achievement, Robert McCracken, Ecosystem Lead at Alchemy Pay, said, “With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions. We are pleased to see that our endeavors have yielded positive outcomes. Throughout recent years, Alchemy Pay has widely explored these emerging markets, building a robust presence and reputation in these regions, with a notable customer and user base. Leveraging its compliance capabilities, the company now prepares to expand its presence, aims to expand its services to users in the US, and further contribute to our mission, bridging the fiat and crypto global economies.”

As per the official announcement, Alchemy Pay is actively pursuing the acquisition of Money Transmitter Licenses in additional states throughout the United States.

Alchemy Pay’s expansion efforts extend beyond the United States. The company is actively working towards securing an Authorized Payment Institution License in the United Kingdom, as well as pursuing a Money Service Operator License and a Virtual Assets Service Provider License in Hong Kong. Earlier this year, Alchemy Pay achieved a notable milestone by receiving official recognition from Visa and Mastercard, further establishing its status as an approved third-party service provider endorsed by these prominent payment platforms.

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