Alchemy Pay, the cryptocurrency payment gateway, is making significant strides in its global expansion efforts following the acquisition of a substantial payment license in the United States.
On September 20th, the company proudly revealed that it had secured a Money Transmitter License from the Arkansas Securities Department, granting it the authority to engage in various financial activities.
This newly acquired license empowers Alchemy Pay to offer services encompassing the issuance and sale of payment instruments, stored value, prepaid access, as well as the transmission and reception of money, digital currency, or monetary value.
Notably, this development marks a historic moment for Alchemy Pay as it represents the company’s very first Money Transmitter License in the United States.
The license aligns Alchemy Pay with other cryptocurrency firms, such as Coinbase, Block (founded by Jack Dorsey), MoonPay, and bitFlyer exchange, that are permitted to facilitate crypto-to-fiat transactions within the state of Arkansas.
For Alchemy Pay, this milestone is a testament to its commitment to compliance and its strategy to navigate local regulatory landscapes in key global markets.
The company has already obtained licenses in countries like Indonesia and Lithuania and is actively pursuing additional Money Transmitter Licenses in various U.S. states.
Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized the company’s dedication to regulatory compliance, noting the significant investments made in securing licenses worldwide.
He articulated the company’s aspirations to expand its presence and services in the United States, further advancing its mission of bridging the gap between fiat and crypto economies.
Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates seamless transactions between fiat currencies like the U.S. dollar and the euro and cryptocurrencies like Bitcoin and Ether.
Currently, their platform supports payments in 173 countries, including regions such as Australia, Canada, Hong Kong, the United Arab Emirates, and India.
Notably, this announcement follows Alchemy Pay’s recent recognition as a compliant service provider within Mastercard’s Site Data Protection program in June 2023.
Earlier in the year, in January 2023, Alchemy Pay was officially listed as an official service provider by Visa, further solidifying its position in the global payment ecosystem.
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