Cryptocurrency payment gateway Alchemy Pay has announced its expansion into the United States market by securing a Money Transmitter License in Arkansas. The license, granted by the Arkansas Securities Department, allows Alchemy Pay to offer a range of services such as selling or issuing payment instruments, stored value and prepaid access, as well as receiving money, digital currency or monetary value for transmission.
The Arkansas license, issued on September 13, marks a significant milestone for Alchemy Pay as it is their very first Money Transmitter License in the United States. This license enables the firm to join the ranks of other cryptocurrency companies authorized to provide crypto-to-fiat transactions in Arkansas, including Coinbase, Jack Dorsey’s Block, MoonPay, and bitFlyer exchange.
Obtaining the Money Transmitter License is part of Alchemy Pay’s strategy to secure local regulatory approvals in key global markets. In addition to Arkansas, the company has also obtained licenses in operating markets like Indonesia and Lithuania. Alchemy Pay is currently in the process of obtaining Money Transmitter Licenses in other states across the United States.
Robert McCraken, Alchemy Pay’s ecosystem lead, emphasized the company’s dedication to compliance and its efforts in securing licenses in various countries and regions. McCraken stated that the company is preparing to expand its presence and aims to offer its services to users in the United States, further contributing to their mission of bridging the fiat and crypto global economies.
Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that allows transactions between fiat currencies like the U.S. dollar or euro and cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). As of now, the platform supports payments in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates, India, and many others.
This recent development comes shortly after Alchemy Pay became one of the compliant service providers within the Site Data Protection program by global payment giant Mastercard in June 2023. Additionally, Alchemy Pay was officially listed as an official service provider by Visa in January 2023.
The expansion into the United States market and the acquisition of the Money Transmitter License in Arkansas are significant steps for Alchemy Pay as it continues to grow its global presence and provide secure and compliant crypto payment solutions to users worldwide. The company’s focus on regulatory approvals demonstrates its commitment to operating within the legal frameworks of each jurisdiction it operates in.