The issuance of this license, provided by the Arkansas Securities Department, marks a pivotal moment for Alchemy Pay as it is the company’s first Money Transmitter License within the United States.
Alchemy Pay, a cryptocurrency payment gateway, has significantly expanded its global presence by securing a Money Transmitter License in the state of Arkansas, United States. With the help of this license, Alchemy Pay will be able to provide the state with a wide array of financial services related to cryptocurrency and digital currency transactions, including prepaid access, and the creation of payment instruments.
The issuance of this license, provided by the Arkansas Securities Department, marks a pivotal moment for Alchemy Pay as it represents the company’s first Money Transmitter License within the United States. This achievement aligns with the company’s broader strategy to obtain local regulatory approvals, allowing it to operate in compliance with regional regulations across various jurisdictions.
Alchemy Pay Is Pursuing Licenses across the US and Other Regions
Furthermore, Alchemy Pay is actively pursuing Money Transmitter Licenses in other US states, underscoring its commitment to adhering to local regulatory frameworks and facilitating regulatory-compliant operations nationwide.
Robert McCracken, Alchemy Pay’s Ecosystem Lead, emphasized the company’s unwavering dedication to compliance. He highlighted the substantial investments made to secure licenses in diverse countries and regions. Alchemy Pay’s next objective is to expand its presence to serve users in the United States, thus advancing its overarching mission.
“Throughout recent years, Alchemy Pay has widely explored these emerging markets, building a robust presence and reputation in these regions, with a notable customer and user base. Leveraging its compliance capabilities, the company now prepares to expand its presence, aims to expand its services to users in the US, and further contribute to our mission, bridging the fiat and crypto global economies,” the company wrote.
With this newly acquired license, Alchemy Pay is now equipped to facilitate cryptocurrency-to-fiat currency transactions in the United States. This positions the company among a select group of cryptocurrency firms authorized to provide such transactions in Arkansas, alongside industry leaders like Coinbase, MoonPay, and bitFlyer.
Company Is Keen on Regulatory Compliance
Earlier this year, Alchemy Pay achieved another significant milestone by being added to the Mastercard SDP Compliant Registered Service Provider List. This inclusion underscores Mastercard‘s recognition of the company’s unwavering dedication to conducting its operations in full compliance with regulatory frameworks.
Since its inception in 2018, Alchemy Pay has steadfastly pursued its mission of seamlessly integrating traditional financial systems with the cryptocurrency realm. Presently, Alchemy Pay extends its services to over 173 countries, a testament to its extensive global reach and presence.
Additionally, the company has disclosed its ongoing efforts to secure an Authorized Payment Institution License in the United Kingdom, along with pursuing a Money Service Operator License and Virtual Asset Service Provider License in Hong Kong. These endeavors reflect Alchemy Pay’s proactive approach to establishing a strong regulatory foothold in key jurisdictions.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.
Source: https://www.coinspeaker.com/alchemy-pay-money-transmitter-license/