Alchemy Pay, a leading cryptocurrency payment gateway, has obtained a Money Transmitter License in the state of Arkansas. This achievement positions Alchemy Pay alongside prominent crypto firms such as Coinbase and Jack Dorsey’s Block, which are authorized to conduct crypto-to-fiat transactions in Arkansas.
Breaking Ground in Arkansas
The Arkansas Securities Department has officially granted Alchemy Pay the Money Transmitter License,. This will allow the company provide a range of financial services. This includes selling or issuing payment instruments, managing stored value and prepaid access. Additionally, it can facilitate the transmission of money, digital currency, or monetary value.
This pivotal license was issued to Alchemy Pay on September 13 and it is the company’s inaugural Money Transmitter License in the United States.
Also, by securing this license, Alchemy Pay joins the ranks of esteemed cryptocurrency firms that are authorized to engage in crypto-to-fiat transactions in Arkansas. This includes industry leaders like Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and others.
Pursuing Global Regulatory Approvals and Bridging Fiat and Crypto Economies
This achievement in Arkansas is part of Alchemy Pay’s broader strategy to secure regulatory approvals in key global markets. The company has also obtained licenses in operating markets such as Indonesia and Lithuania. Alchemy Pay is actively pursuing Money Transmitter Licenses in additional U.S. states. This is to further strengthen its position in the American market.
Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized the company’s dedication to compliance and its mission to bridge the gap between fiat and crypto economies.
He 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.”
A Global Payment Platform
Founded in 2018 in Singapore, Alchemy Pay operates a versatile crypto-to-fiat payment platform. This platform facilitates seamless transactions between fiat currencies such as the U.S. dollar and euro, and popular cryptocurrencies like Bitcoin and Ether.
Currently, Alchemy Pay’s platform supports payments in 173 countries. These include jurisdictions and regions such as Australia, Canada, Hong Kong, the United Arab Emirates, India, and more.
Continued Recognition and Growth
This achievement in securing a Money Transmitter License in Arkansas comes on the heels of Alchemy Pay’s recognition as a compliant service provider within the Site Data Protection program by Mastercard in June 2023.
Additionally, Alchemy Pay was officially listed as an official service provider by Visa in January 2023. These milestones highlight the company’s dedication to providing secure and compliant crypto-to-fiat payment solutions on a global scale.
Read More:
Terra Luna Classic Proposal For Binance to Burn USTC Alongside LUNC Approved
BitBoy Faces Threats and Seeks Support After Company Ousting