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Alchemy Pay: Pioneering Growth and Compliance

Martin Walker
Sep 21, 2023 at 02:04 pm

Alchemy Pay, the rising star in the realm of cryptocurrency payment gateways, is set to spread its wings globally by clinching a substantial payment license in the expansive landscape of the United States. This strategic move aims to bolster its foothold in the international arena, heralding a new phase of expansion and influence.

Making waves in the financial world, Alchemy Pay made a grand announcement on September 20, proudly declaring its successful attainment of a coveted Money Transmitter License in the state of Arkansas, an achievement orchestrated in collaboration with the esteemed Arkansas Securities Department. This pivotal license represents the key to unlocking a plethora of financial services, allowing Alchemy Pay to engage in crucial activities such as the sale or issuance of payment instruments, management of stored value and prepaid access, and the seamless receipt and transmission of money, digital currencies, or monetary value.

The issuance of the Arkansas license, a feat accomplished on September 13, marks an epoch-making event in Alchemy Pay's journey, symbolizing a groundbreaking milestone as the company secures its maiden Money Transmitter License within the vast landscape of the United States. 

Alchemy Pay's Money Transmitter License. Source: NMLSAlchemy Pay's Money Transmitter License. Source: NMLS

This accomplishment places Alchemy Pay in the elite league of cryptocurrency firms authorized to orchestrate crypto-to-fiat transactions in Arkansas, standing tall alongside industry titans like Coinbase, Jack Dorsey’s Block, MoonPay, bitFlyer exchange, and a host of others.

This regulatory triumph serves as a testament to Alchemy Pay's unwavering commitment to navigating the complex regulatory terrain and securing vital approvals in pivotal global markets. In its relentless pursuit of compliance, Alchemy Pay has already garnered licenses to operate in strategic markets such as Indonesia and Lithuania. Moreover, the company is actively engaged in the rigorous process of acquiring Money Transmitter Licenses in multiple states across the United States, demonstrating its unyielding dedication to regulatory adherence and alignment.

Robert McCracken, the eminent ecosystem lead at Alchemy Pay, shed light on the arduous journey the team embarked upon, investing considerable time and effort to attain compliance across a myriad of countries and regions. Founded in the vibrant city-state of Singapore in 2018, Alchemy Pay has masterfully crafted a cutting-edge crypto-to-fiat payment platform, fostering seamless transactions between fiat currencies such as the U.S. dollar or euro and prominent cryptocurrencies like Bitcoin (BTC) and Ether (ETH). At the current juncture, the Alchemy Pay platform impressively facilitates payments in an expansive 173 countries, encompassing notable jurisdictions and regions like Australia, Canada, Hong Kong, the United Arab Emirates, and India.

This monumental achievement comes hot on the heels of Alchemy Pay's recent inclusion in the esteemed Site Data Protection program by the global payment behemoth Mastercard in June 2023, solidifying its stature as a compliant service provider and further augmenting its reputation within the ever-evolving cryptocurrency and payment ecosystem. Additionally, Alchemy Pay received official recognition as a service provider by Visa in January 2023, underscoring its remarkable growth trajectory and cementing its position as a notable player in the dynamic financial landscape.

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