Highlights:
- Alchemy Pay expands U.S. compliance by obtaining new licenses in four more U.S. states, totaling eight enhancing its regulatory compliance.
- The new licenses enable Alchemy Pay to expand its fiat-crypto services to residents and businesses in the licensed states.
- The commitment of Alchemy Pay to compliance and growth in crypto economy is reflected in the aim to acquire 20 new licenses globally.
Global fiat-crypto payment solutions provider Alchemy Pay has been granted Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon and Wyoming. The license expansion cements its commitment to regulatory compliance and extends services coverage in the U.S., according to the press release.
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🇺🇸4 more state licenses in our pocket! #AlchemyPay now holds MTLs in Minnesota, Oklahoma, Oregon, and Wyoming—bringing our total to 8 U.S. state licenses and expanding access to secure crypto-fiat solutions to more users.
Onward as we expand compliance and trust across the… pic.twitter.com/51mrWJPimD
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) November 8, 2024
Expanding Crypto Services Across More States
These new licenses will allow Alchemy Pay to offer crypto services to the residents and businesses in the newly licensed states. Using its on and off ramp solutions, the company allows users to make transactions between fiat and cryptocurrencies seamless, enhancing accessibility for users looking to transact between the U.S. Dollar and cryptocurrencies like Bitcoin.
Romeo Luo, Chief Revenue Officer at Alchemy Pay, stated:
“Our mission is to build a robust and compliant infrastructure that bridges the traditional financial system with the new and decentralized crypto economy. Obtaining MTL licenses in these states strengthens our foothold in the U.S. market, where the crypto economy holds tremendous potential.”
With these additional licenses, Alchemy Pay can roll out services in stages beginning with crypto on and off-ramps, ensuring alignment with state requirements.
Commitment to Compliance and Global Reach
Alchemy Pay is committed to compliance, ensuring services are in line with each state’s regulations. Additionally, this approach builds trust with partners and users. Previously, it obtained MTLs in Arkansas, Iowa, New Hampshire and New Mexico. Moreover, the licensing process which can take up to a year shows the company’s dedication to regulatory adherence.
Beyond US expansion, Alchemy Pay is also pursuing licenses worldwide including Hong Kong, Australia, South Korea, Singapore and Europe. The goal is to secure 20 new licenses globally to further its vision of a connected and compliant crypto economy. Furthermore, the company is also registered as a Money Services Business in Canada.
Enhancing Trust and Accessibility in the Crypto Economy
By expanding its regulatory network, Alchemy Pay empowers Web3 projects, exchanges, and wallets across U.S. The new licenses enable support for the growing demand of the crypto services, providing a secure and accessible payment ecosystem. Alchemy Pay serves over one million users globally, processing millions in transactions each year.
Services include fiat-crypto on and off-ramps and physical and virtual cards which allow you to spend crypto worldwide. In addition, Alchemy Pay has secured Visa and Mastercard’s authorization as a third party service provider, establishing credibility in the financial industry.
Strategic Growth Amid Pro-Crypto Sentiment
With pro-crypto sentiment in the U.S. market, the expansion is a suitable time for Alchemy Pay to strengthen its presence. By securing these licenses, the company sets high standards in the evolving Web3 landscape and contributes to the growth of the crypto economy in the United States.
A company spokesperson commented:
“Each new license is a step toward making crypto access smoother and safer for U.S. users. We’re focused on building a solid, compliant base in each licensed region.”
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