Alchemy Pay Secures U.S. Money Transmitter License for Crypto Payments

Alchemy Pay, the cryptocurrency payment gateway, is expanding its global footprint with a significant regulatory milestone in the United States. The firm recently announced that it has successfully obtained a Money Transmitter License in the state of Arkansas, as officially granted by the Arkansas Securities Department, marking a pivotal moment in the company’s growth.

This license empowers Alchemy Pay to offer a range of financial services, including selling or issuing payment instruments, handling stored value and prepaid access, and facilitating the receipt and transmission of money, digital currency, or monetary value. A representative from Alchemy Pay confirmed that this license was granted on September 13, making it the company’s inaugural Money Transmitter License in the United States.

Alchemy Pay now joins the ranks of cryptocurrency firms authorized to conduct crypto-to-fiat transactions in Arkansas, alongside established players like Coinbase, Jack Dorsey’s Block, MoonPay, and the bitFlyer exchange.

Securing the Money Transmitter License signifies a critical achievement for Alchemy Pay in its mission to obtain local regulatory approvals in key global markets. The company has also obtained licenses in other operational areas such as Indonesia and Lithuania.

As part of its expansion strategy, Alchemy Pay is actively pursuing Money Transmitter Licenses in additional states across the United States. Robert McCraken, Alchemy Pay’s ecosystem lead, highlighted the company’s commitment to compliance, stating that they have invested considerable time and effort in securing licenses across various regions. McCraken added that Alchemy Pay is gearing up to extend its services to users in the United States, further contributing to its mission of bridging the gap between the fiat and crypto economies on a global scale.

Established in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform facilitating seamless transactions between traditional fiat currencies like the U.S. dollar and euro and popular cryptocurrencies like Bitcoin and Ether. At the time of this update, the Alchemy Pay platform supports payments in 173 countries, including regions such as Australia, Canada, Hong Kong, the United Arab Emirates, and India, among others.

This latest development follows Alchemy Pay’s recognition as a compliant service provider within Mastercard’s Site Data Protection program in June 2023 and its official listing as a service provider by Visa in January 2023. These endorsements by leading global payment giants underscore Alchemy Pay’s commitment to regulatory compliance and its growing prominence in the cryptocurrency payment industry.

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