Crypto payment firm Alchemy Pay wins money transmitter license in US

Helen Partz12 minutes agoCrypto payment firm Alchemy Pay wins money transmitter license in USAlchemy Pay has joined the ranks of crypto firms like Coinbase and Jack Dorsey’s Block in securing the Money Transmitter License in Arkansas.250 Total views1 Total sharesListen to article 0:00NewsJoin us on social networksCryptocurrency payment gateway Alchemy Pay is expanding its global presence after securing a major payment license in the United States.

Alchemy Pay has obtained a Money Transmitter License in the state of Arkansas, the firm announced to Cointelegraph on Sept. 20.

Granted by the Arkansas Securities Department, the license officially enables Alchemy Pay to operate services like selling or issuing payment instruments, stored value, prepaid access, as well as receiving money, virtual currency, or monetary value for transmission.

In receiving the Money Transmitter License, Alchemy Pay joins the ranks of many cryptocurrency firms that are authorized to provide crypto-to-fiat transactions in Arkansas, including Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange and others.

The license marks a significant milestone in Alchemy Pay’s efforts to secure local regulatory approvals in crucial global markets. The firm has also previously obtained licenses in its operating markets like Indonesia and Lithuania.

According to the announcement, Alchemy Pay is currently in the process of obtaining Money Transmitter Licenses in other states across the United States.

Related:PayPal rolls out PYUSD stablecoin to Venmo users

“With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions,” Alchemy Pay’s ecosystem lead Robert McCraken said, adding:“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."

Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform allowing transactions between fiat currencies like the U.S. dollar or euro and cryptocurrencies like Bitcoin (BTC) or Ether (ETH). According to the Alchemy Pay website, the platform supports payments in 173 countries at the time of writing, including jurisdictions and regions Australia, Canada, Hong Kong, the United Arab Emirates, India and others.

The news comes shortly after Alchemy Pay became one of the compliant service providers within the Site Data Protection program by the global payment giant Mastercard in June 2023. Previously, Alchemy Pay ​​was officially listed as an official service provider by Visa in January 2023.

Magazine:Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?# Bitcoin# Business# Payments# Fiat Money# United States# Alchemy PayAdd reactionAdd reactionRead moreHow to earn passive income with peer-to-peer lendingBitcoin miners seek alternative energy sources to cut costsHow Bitcoin miners can survive a hostile market — and the 2024 halving