Alchemy Pay, a well-known payment gateway for fiat-crypto, has achieved a major milestone with the acquisition of a Money Services License from the State of Iowa on November 23, 2023. This follows their successful attainment of an Arkansas Money Transmitter License. This is a major achievement for the industry as a whole.
The Money Services License is granted by the State’s Division of Banking, and is included in the Nationwide Multistate Licensing System (NMLS). For Alchemy Pay to continue to operate in money exchange and transfer industries, they must adhere to local regulatory requirements.
Robert McCracken, Ecosystem Lead for Alchemy Pay, highlighted the importance of adhering to financial regulations in the United States. He stated that a well-organized regulatory structure is essential for the long-term growth of the crypto payment sector and the company places a high priority on compliance.
Alchemy Pay was established in Singapore in 2017 and is now available in over 173 countries, accepting a wide range of payment methods, including credit cards and mobile wallets. The company holds a license in several countries, including the United States, Lithuania, Indonesia and Canada. This demonstrates their strong global team and confirms their position in the crypto payment market.
With the Iowa Money Services License, Alchemy Pay is making a strategic move to expand their US market presence. The license ensures they comply with all legal requirements and helps them to increase their global payment service capacity. By continuously pursuing new licensing, Alchemy Pay is committed to being a law-abiding and progressive participant in the worldwide cryptocurrency payments space.