The business has secured Money Transmitter Licenses in countries including Indonesia and Lithuania and is now looking to expand into new states in the United States.
After securing a sizable payment license in the United States, Alchemy Pay, the crypto payment gateway, is making major progress in its quest to expand globally.
The firm announced on September 20 that it has successfully applied for and received a Money Transmitter License from the Arkansas Securities Department, allowing it to legally conduct a variety of financial transactions.
Alchemy Pay may now issue and sell payment instruments, store value, provide prepaid access, and facilitate the transfer and receipt of cash, digital currency, or monetary value thanks to their recently obtained license.
Because this is Alchemy Pay’s first Money Transmitter License in the United States, it is a watershed event for the firm. Alchemy Pay joins the ranks of other cryptocurrency companies authorized to conduct crypto-to-fiat transactions in the state of Arkansas, including Coinbase, Block (established by Jack Dorsey), MoonPay, and bitFlyer exchange.
This achievement demonstrates Alchemy Pay’s dedication to compliance and its strategy for adapting to local regulatory environments in key global markets.
The business has secured Money Transmitter Licenses in countries including Indonesia and Lithuania, and is now looking to expand into new states in the United States.
Robert McCracken, Alchemy Pay’s ecosystem lead, underscored the company’s commitment to regulatory compliance by pointing out the extensive resources spent on obtaining licenses throughout the globe.
In order to promote the company’s aim of bridging the gap between the fiat and crypto sectors, he detailed the company’s plans to increase its presence and services in the United States.
Established in Singapore in 2018, Alchemy Pay is a cryptocurrency-to-fiat currency exchange platform that streamlines the use of Bitcoin and Ether for purchases and sales.
There are now 173 nations that may make use of their platform to make a payment, including Australia, Canada, Hong Kong, the United Arab Emirates, and India.
This news comes after Alchemy Pay was revealed in June 2023 as a Site Data Protection certified service provider by Mastercard.
Alchemy Pay’s standing in the global payment ecosystem was bolstered earlier in 2023 when Visa included it on its list of official service providers.
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