Alchemy Pay, a cryptocurrency payment gateway, is making strides in its global expansion efforts after successfully obtaining a substantial payment license in the United States.
On September 20th, the company proudly announced that it had been granted a Money Transmitter License by the Arkansas Securities Department, conferring upon 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, and prepaid access, as well as the transmission and reception of money, digital currency, or monetary value.
Importantly, this achievement marks a momentous occasion for Alchemy Pay as it signifies the company’s first Money Transmitter License in the United States.
This license places Alchemy Pay alongside other cryptocurrency firms, including Coinbase, Block (founded by Jack Dorsey), MoonPay, and the bitFlyer exchange, which is authorized to facilitate crypto-to-fiat transactions within the state of Arkansas.
For Alchemy Pay, this milestone underscores its commitment to compliance and its strategy to navigate local regulatory environments in key global markets.
The company has already secured 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, highlighting the substantial investments made in obtaining licenses worldwide.
He expressed the company’s ambitions to expand its presence and services in the United States, further advancing its mission of bridging the gap between the fiat and crypto economies.
Founded in Singapore in 2018, 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.