Cryptocurrency payment gateway Alchemy Pay has obtained a Money Transmitter License in the state of Arkansas, allowing the firm to expand its services in the United States market. This marks a significant milestone in Alchemy Pay's efforts to secure regulatory approvals in crucial global markets. The company, which operates a crypto-to-fiat payment platform, aims to bridge the gap between traditional and digital economies.
Expanding global presence
Alchemy Pay has announced that it has received a Money Transmitter License in Arkansas, granting the firm permission to offer services such as selling or issuing payment instruments, stored value, prepaid access, as well as receiving money, virtual currency, or monetary value for transmission. This license puts Alchemy Pay in the company of other authorized cryptocurrency firms in Arkansas, including Coinbase, Block, MoonPay, and bitFlyer exchange.
Having already obtained licenses in operating markets like Indonesia and Lithuania, Alchemy Pay is now in the process of obtaining Money Transmitter Licenses in other states across the United States. The company is dedicated to compliance and aims to expand its presence in the US market, contributing to its mission of bridging the gap between fiat and crypto economies.
Bridging traditional and digital economies
Founded in Singapore in 2018, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates transactions between fiat currencies like the US dollar or euro and cryptocurrencies like Bitcoin or Ether. The platform currently supports payments in 173 countries, including Australia, Canada, Hong Kong, the United Arab Emirates, and India.
This announcement follows Alchemy Pay's inclusion in Mastercard's Site Data Protection program as a compliant service provider in June 2023. The company was also listed as an official service provider by Visa in January 2023.
With its global expansion and commitment to compliance, Alchemy Pay is positioning itself as a major player in the crypto payment industry, bridging the gap between traditional and digital economies.
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