Alchemy Pay secures Money Transmitter License in Arkansas for global expansion.
First U.S. license, joining industry leaders Coinbase, Block, and others.
Cryptocurrency payment gateway Alchemy Pay has taken a significant step toward global expansion by securing a Money Transmitter License in the state of Arkansas, United States. The license, issued by the Arkansas Securities Department, grants Alchemy Pay the authority to offer various financial services, including selling or issuing payment instruments, handling stored value and prepaid access, and transmitting money, digital currency, or monetary value.
The Alchemy Pay team revealed that the license was officially granted on September 13, marking it as the company’s first Money Transmitter License in the United States. This places Alchemy Pay alongside other cryptocurrency firms such as Coinbase, Block (founded by Jack Dorsey), MoonPay, and bitFlyer exchange, which are authorized to facilitate crypto-to-fiat transactions in Arkansas.
A Milestone?
The acquisition of the Money Transmitter License marks as a noteworthy achievement for Alchemy Pay, as the community believes that it is showcasing its commitment to obtaining local regulatory approvals in key global markets. Notably, the firm has already obtained licenses in countries like Indonesia and Lithuania.
Robert McCraken, Alchemy Pay’s ecosystem lead, emphasized the company’s dedication to compliance, stating, “With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions.” He added that Alchemy Pay is preparing to extend its services to users in the United States, aligning with its mission to bridge the gap between traditional fiat and the crypto global economies.
Adding to it, Alchemy Pay was included as a compliant service provider within the Site Data Protection program by global payment giant Mastercard in June 2023. Also it has achieved recognition as an official service provider by Visa in January 2023.