Alchemy Pay, a cryptocurrency payment gateway, has achieved a significant milestone by obtaining a Money Transmitter License in the state of Arkansas. This license, granted by the Arkansas Securities Department, empowers Alchemy Pay to offer various financial services, including the sale and issuance of payment instruments, stored value, and prepaid access. Additionally, it permits the receipt of money, digital currencies, and monetary value for transmission.
This achievement places Alchemy Pay in the same league as other prominent crypto firms like Coinbase and Jack Dorsey’s Block, which have also obtained similar licenses. The Arkansas license represents a pivotal moment in Alchemy Pay’s quest for regulatory approval in key global markets, complementing its existing licenses in regions such as Indonesia and Lithuania.
Furthermore, Alchemy Pay is actively pursuing additional Money Transmitter Licenses across various states in the United States, marking a strategic expansion initiative. The company’s dedication to regulatory compliance has been evident in its diligent efforts to secure licenses in multiple countries and regions.
Robert McCracken, Ecosystem Lead at Alchemy Pay, emphasized the company’s commitment to bridging the gap between the fiat and crypto global economies. Founded in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates seamless transactions between traditional currencies like the U.S. dollar and cryptocurrencies such as Bitcoin and Ether. With support for payments in 173 countries, including regions like Australia, Canada, Hong Kong, the United Arab Emirates, and India, Alchemy Pay is steadily advancing its global presence.
This achievement follows Alchemy Pay’s inclusion as a compliant service provider in Mastercard’s Site Data Protection program in June 2023 and its official listing as a service provider by Visa in January 2023.
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