Alchemy Pay secures Money Transmitter License in Arkansas, US

Alchemy Pay secures Money Transmitter License in Arkansas, US

By Charles Thuo - min read
  • The Alchemy Pay platform supports payments in 173 countries.
  • In January 2023, Alchemy Pay earned recognition as an official service provider by Visa,
  • In June 2023, Alchemy Pay was included as one of the compliant service providers within Mastercard’s Site Data Protection program.

Alchemy Pay, a cryptocurrency payment gateway, is significantly expanding its global presence following the successful acquisition of a significant payment license in the United States. On September 20, the company officially announced that it had secured a Money Transmitter License in the state of Arkansas.

The license was granted by the Arkansas Securities Department and empowers Alchemy Pay to offer a wide range of financial services, including the sale and issuance of payment instruments, stored value, prepaid access, as well as the receipt and transmission of money, virtual currency, and monetary value.

The news resulted in a significant surge in the price of Alchemy Pay (ACH) token. The token briefly jumped above $0.016 before pulling back to $0.01542 at press time.   

Crypto-to-fiat transactions in Arkansas

The license positions Alchemy Pay alongside other cryptocurrency firms authorized to facilitate crypto-to-fiat transactions in Arkansas, such as Coinbase, Block (led by Jack Dorsey), MoonPay, bitFlyer exchange, and others. Obtaining the Money Transmitter License is a significant milestone for Alchemy Pay as it actively seeks local regulatory approvals in key global markets. The company previously secured licenses in regions, such as Indonesia and Lithuania.

According to Alchemy Pay’s announcement, the company is currently pursuing Money Transmitter Licenses in additional states across the United States.

Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized their commitment to compliance, highlighting the substantial investments in securing licenses in various countries and regions. He stated that the company is now poised to expand its presence, extend its services to US users, and continue its mission of bridging the gap between the fiat and crypto global economies.

The expanding Alchemy Pay global presence

Established in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates transactions between traditional fiat currencies like the US dollar and the euro and popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

The Alchemy Pay platform currently supports payments in 173 countries, including prominent jurisdictions and regions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and many others.