September 21, 2023 – Alchemy Pay, a leading cryptocurrency payment firm founded in Singapore in 2018, has achieved a significant regulatory milestone by obtaining a Money Transmitter License in Arkansas, United States. This achievement places Alchemy Pay among esteemed crypto companies like Coinbase and Jack Dorsey’s Block, which are already authorized to facilitate crypto-to-fiat transactions in the state.
The issuance of the Money Transmitter License underscores Alchemy Pay’s commitment to regulatory compliance and its dedication to expanding its services globally. The company has previously obtained licenses in other key markets, such as Indonesia and Lithuania, and is actively pursuing licenses in additional US states.
Alchemy Pay’s Money Transmitter License Source: NMLS
Robert McCracken, Ecosystem Lead at Alchemy Pay, stated, “With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions. 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.”
Alchemy Pay’s platform facilitates seamless transactions between fiat currencies like the US dollar and cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). It currently supports payments in 173 countries, including prominent jurisdictions like Australia, Canada, Hong Kong, the United Arab Emirates, and India.
This licensing milestone follows Alchemy Pay’s recognition as a compliant service provider within Mastercard’s Site Data Protection program in June 2023 and its official listing as a service provider by Visa in January 2023, solidifying its position in the global payments industry.
