Singapore-based crypto-fiat payment gateway, Alchemy Pay, marks a significant step in its U.S. expansion strategy with the acquisition of a money services license in Iowa. The announcement, made on Nov. 23, solidifies the company’s commitment to complying with local state regulations governing currency exchange and money transmission businesses.
Unlocking Opportunities in Iowa
In September, Alchemy Pay secured its money transmitter license (MTL) in Arkansas. This helped in paving the way for a broader geographical footprint in the U.S. With the recent Iowa license approval, the company can strategically to tap into the growing market demands for crypto-fiat payment services.
Alchemy Pay’s Ecosystem Lead, Robert McCracken, emphasized the company’s dedication to navigating the intricate regulatory landscape in the U.S. crypto sphere. In a statement, McCracken highlighted the importance of a well-structured regulatory environment for sustainable industry growth.
Acknowledging the challenges, McCracken expressed the belief that actively seeking licenses and adhering to compliance requirements is the correct, albeit challenging, path for long-term success in the crypto payment industry. He sees immense potential in the sector and envisions it as a leading force in the future.
Global Reach and Future Prospects
Operating in 173 countries, Alchemy Pay facilitates transactions through various payment methods, including Visa, Mastercard, regional mobile wallets, and domestic transfers. McCracken reaffirmed the company’s commitment to building core competitiveness and upholding the highest compliance standards.
In addition to its U.S., Alchemy Pay is actively working on license applications in the United Kingdom and Hong Kong. The move underscores the company’s global vision and readiness to navigate diverse regulatory landscapes.
Awaiting Comprehensive Regulations in the U.S.
Notably, while Alchemy Pay takes proactive steps in compliance, the broader U.S. regulatory framework for the crypto industry is still under consideration. Regulatory authorities continue to deliberate on comprehensive regulations that would apply uniformly to the entire sector.
As Alchemy Pay pioneers its expansion, it remains steadfast in its commitment to regulatory adherence. Furthermore, it is setting a precedent for responsible and sustainable growth in the evolving crypto payment landscape.