Crypto payment firm Alchemy Pay wins money transmitter license in US

  • September 21, 2023

Cryptocurrency payment gateway Alchemy Pay is expanding its global presence after securing a major payment license in the United States.

Alchemy Pay has obtained a Money Transmitter License in the state of Arkansas, the firm announced to Cointelegraph on Sept. 20.

Granted by the Arkansas Securities Department, the license officially enables Alchemy Pay to operate services like selling or issuing payment instruments, stored value and prepaid access, as well as receiving money, digital currency or monetary value for transmission.

In receiving the Money Transmitter License, Alchemy Pay joins the ranks of many cryptocurrency firms that are authorized to provide crypto-to-fiat transactions in Arkansas, including Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange and others.

The license marks a significant milestone in Alchemy Pay’s efforts to secure local regulatory approvals in crucial global markets. The firm has also previously obtained licenses in its operating markets like Indonesia and Lithuania.

According to the announcement, Alchemy Pay is currently in the process of obtaining Money Transmitter Licenses in other states across the United States.

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“With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions,” Alchemy Pay’s ecosystem lead Robert McCraken said, adding:

“The company now prepares to expand its presence, aims to expand its services to users in the United States, and further contribute to our mission, bridging the fiat and crypto global economies.”

Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform allowing transactions between fiat currencies like the U.S. dollar or euro and cryptocurrencies like Bitcoin (BTC) or Ether (ETH). According to the Alchemy Pay website, the platform supports payments in 173 countries at the time of writing, including jurisdictions and regions Australia, Canada, Hong Kong, the United Arab Emirates, India and others.

The news comes shortly after Alchemy Pay became one of the compliant service providers within the Site Data Protection program by the global payment giant Mastercard in June 2023. Previously, Alchemy Pay ​​was officially listed as an official service provider by Visa in January 2023.

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