Alchemy Pay Obtains Money Transmitter License in Arkansas, Expanding Global Presence

12:47 pm
September 21, 2023

Alchemy Pay, a cryptocurrency payment gateway, has announced its acquisition of a significant payment license in the United States. The company has secured a Money Transmitter License in the state of Arkansas, granted by the Arkansas Securities Department. This license allows Alchemy Pay to offer various 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 has resulted in a surge in the price of Alchemy Pay (ACH) token, with the token briefly reaching above $0.016 before retracting to $0.01542 at press time.

Crypto-to-fiat transactions in Arkansas

With this license, Alchemy Pay joins other authorized cryptocurrency firms in Arkansas, including Coinbase, Block (led by Jack Dorsey), MoonPay, and the bitFlyer exchange. The acquisition of the Money Transmitter License is a significant achievement for Alchemy Pay as it continues to seek local regulatory approvals in key global markets. The company has previously secured licenses in regions such as Indonesia and Lithuania.

Alchemy Pay is currently pursuing Money Transmitter Licenses in additional states across the United States, as part of its ongoing expansion plans.

Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized the company’s commitment to compliance, highlighting its substantial investments in securing licenses worldwide. He stated that Alchemy Pay is now well-positioned to expand its presence, extend its services to US users, and bridge the gap between the fiat and crypto global economies.

Global Presence of Alchemy Pay

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 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.

FAQ

What is Alchemy Pay?

Alchemy Pay is a cryptocurrency payment gateway that enables transactions between traditional fiat currencies and popular cryptocurrencies. It operates a crypto-to-fiat payment platform and supports payments in 173 countries.

What is a Money Transmitter License?

A Money Transmitter License is a regulatory license that allows businesses to offer various 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.

In which states is Alchemy Pay pursuing Money Transmitter Licenses?

Alchemy Pay is currently pursuing Money Transmitter Licenses in additional states across the United States, although specific states have not been mentioned in the announcement.

What is the significance of Alchemy Pay’s acquisition of the Money Transmitter License in Arkansas?

The acquisition of the Money Transmitter License in Arkansas allows Alchemy Pay to operate as an authorized cryptocurrency firm and facilitate crypto-to-fiat transactions in the state. It is a significant milestone for the company as it expands its global presence and seeks regulatory approvals in key markets.

Summary

Alchemy Pay has secured a Money Transmitter License in Arkansas, granted by the Arkansas Securities Department. The license enables the company to offer various 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. This achievement expands Alchemy Pay’s global presence and positions it alongside other authorized cryptocurrency firms in Arkansas. The company is also pursuing Money Transmitter Licenses in additional states across the United States.


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