.png)
Singapore-based cryptocurrency payment gateway Alchemy Pay has reached a significant milestone in its global expansion by securing a Money Transmitter License in the state of Arkansas, United States. This licensing achievement represents a critical step forward for Alchemy Pay as it continues to establish its presence in key markets worldwide.
A Landmark License
The Money Transmitter License, issued by the Arkansas Securities Department on September 13, marks a pivotal moment for Alchemy Pay. It grants the firm the authority to conduct a range of financial services, including selling or issuing payment instruments, handling stored value, and facilitating prepaid access. Additionally, Alchemy Pay is now officially approved to receive money, digital currency, or monetary value for transmission.
 |
| Source: NLMS |
Joining a Distinguished Group
Alchemy Pay joins the ranks of esteemed cryptocurrency firms that have obtained Money Transmitter Licenses in Arkansas, including industry giants like Coinbase and Jack Dorsey's Block, along with others such as MoonPay and bitFlyer exchange. This recognition underscores Alchemy Pay's commitment to regulatory compliance and its dedication to expanding its services in the United States.
Global Expansion and Compliance
Securing the Money Transmitter License in Arkansas represents a pivotal step in Alchemy Pay's broader strategy to obtain regulatory approvals in key global markets. The firm has already acquired licenses to operate in Indonesia and Lithuania, further solidifying its global reach and commitment to compliance.
Driving Fiat-Crypto Integration
Alchemy Pay, founded in 2018, operates a cutting-edge crypto-to-fiat payment platform, facilitating seamless transactions between traditional fiat currencies like the U.S. dollar and leading cryptocurrencies such as Bitcoin and Ethereum. At present, Alchemy Pay's platform supports transactions in 173 countries, including regions like Australia, Canada, Hong Kong, the United Arab Emirates, and India.
Continued Expansion and Mission
With its recent licensing success and a strong dedication to compliance, Alchemy Pay is poised for further expansion in the United States. The firm's ecosystem lead, Robert McCracken, emphasized that Alchemy Pay's mission revolves around bridging the gap between the fiat and crypto global economies. The attainment of the Money Transmitter License in Arkansas serves as a testament to their commitment to this mission.
Conclusion
Alchemy Pay's acquisition of a Money Transmitter License in Arkansas is a significant development for the cryptocurrency payment gateway. As it continues to navigate the complex regulatory landscape, Alchemy Pay is well-positioned to expand its services, foster fiat-crypto integration, and contribute to the evolving financial ecosystem.
Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice.
