Alchemy Pay Obtains Money Transmitter License in Arkansas, Joins Crypto Firms like Coinbase and Block in Regulatory Milestone

Alchemy Pay Obtains Money Transmitter License in Arkansas, Joins Crypto Firms like Coinbase and Block in Regulatory Milestone

Crypto News – Alchemy Pay, a cryptocurrency payment gateway, continues its global expansion by obtaining a significant payment license in the United States. The company recently announced the acquisition of a Money Transmitter License in the state of Arkansas on September 20th.

This license, granted by the Arkansas Securities Department, authorizes Alchemy Pay to provide various financial services, including selling or issuing payment instruments, stored value and prepaid access, as well as receiving money, digital currency, or monetary value for transmission.

A spokesperson for Alchemy Pay highlighted that the Arkansas license, issued on September 13th, represents a pivotal moment as it marks the company’s “very first” Money Transmitter License obtained in the United States.

By securing the Money Transmitter License, Alchemy Pay joins a league of cryptocurrency firms authorized to facilitate crypto-to-fiat transactions in Arkansas. Notable entities in this league include Coinbase, Jack Dorsey’s Block, MoonPay, and bitFlyer exchange, among others.

This achievement stands as a significant milestone in Alchemy Pay’s ongoing efforts to obtain regulatory approvals in key global markets. The company has also successfully acquired licenses to operate in markets like Indonesia and Lithuania.

In line with this accomplishment, Alchemy Pay is actively pursuing Money Transmitter Licenses in various other states across the United States, underlining their commitment to compliance and regulatory adherence.

Robert McCraken, Alchemy Pay’s ecosystem lead, emphasized, “With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions.” He added, “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 crypto-to-fiat payment platform facilitating transactions between fiat currencies such as the U.S. dollar or euro and cryptocurrencies like Bitcoin or Ether. According to the Alchemy Pay website, the platform supports payments in 173 countries, including regions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and more.

This development comes shortly after Alchemy Pay achieved compliance as a service provider within Mastercard’s Site Data Protection program in June 2023. Earlier, in January 2023, Alchemy Pay was officially recognized as a service provider by Visa, further solidifying its position in the industry.