Crypto Payment Firm Alchemy Pay Wins Money Transmitter License in US

Crypto Payment Firm Alchemy Pay Wins Money Transmitter License in US – Alchemy Pay, a cryptocurrency payment gateway, has broadened its global reach by securing a significant payment license in the United States. On September 20, the company announced that it had acquired a Money Transmitter License in the state of Arkansas. This license, granted by the Arkansas Securities Department, authorizes Alchemy Pay to provide various services. 

Which includes the sale and issuance of payment instruments, stored value and prepaid access, as well as the receipt of funds, digital currency, or monetary value for transmission. According to a spokesperson from Alchemy Pay, this Arkansas license, issued on September 13, marks the company’s inaugural Money Transmitter License in the United States.

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Obtaining the Money Transmitter License aligns Alchemy Pay with numerous cryptocurrency companies authorized to facilitate crypto-to-fiat transactions within Arkansas, including Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and more. This license represents a noteworthy achievement in Alchemy Pay’s endeavors to attain regulatory approvals in key global markets. The company has also successfully secured licenses in markets where it operates, such as Indonesia and Lithuania.

The announcement further reveals that Alchemy Pay is actively pursuing Money Transmitter Licenses in additional states across the United States. “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 McCracken 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.” Established in 2018 in Singapore, Alchemy Pay operates a cryptocurrency-to-fiat payment platform, facilitating transactions between conventional currencies such as the U.S. dollar and the euro and cryptocurrencies like Bitcoin (BTC). 

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As per the information available on the Alchemy Pay website, their platform supports payments in 173 countries, including regions such as Australia, Canada, Hong Kong, the United Arab Emirates, and India. This development comes shortly after Alchemy Pay earned compliance status as a service provider in Mastercard’s Site Data Protection program in June 2023. Prior to that, Alchemy Pay had received official recognition as a service provider by Visa in January 2023.

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