Alchemy Pay has obtained a Money Transmitter License from the Arkansas Securities Department, allowing the crypto payment firm to offer its financial services such as sale and issuance of payment instruments, stored value and prepaid access, as well as the receipt and transmission of money, digital currency, and monetary value, media reports said.
This license, issued on September 13, marks a historic moment for Alchemy Pay as it is their very first Money Transmitter License in the United States. Joining the ranks of authorized cryptocurrency firms in Arkansas, such as Coinbase, Block, MoonPay, and bitFlyer exchange, positions Alchemy Pay to provide crypto-to-fiat transactions in the state.
This achievement is part of Alchemy Pay’s broader strategy to secure regulatory approvals in key global markets. In addition to the United States, the company has obtained licenses to operate in countries like Indonesia and Lithuania. Alchemy Pay is also actively pursuing Money Transmitter Licenses in other US states.
Robert McCracken, Alchemy Pay’s ecosystem lead, emphasized the company’s commitment 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. The company now prepares to expand its presence, aims to expand its services to users in the United States, and further contribute to our mission, bridging the fiat and crypto global economies.”
Established in 2018 in Singapore, Alchemy Pay operates a crypto-to-fiat payment platform that facilitates seamless transactions between traditional fiat currencies like the US dollar and euro and cryptocurrencies such as Bitcoin. Their platform currently supports payments in 173 countries, including prominent jurisdictions like Australia, Canada, Hong Kong, the United Arab Emirates, India, and many others.
This accomplishment follows closely on the heels of Alchemy Pay’s recognition as a compliant service provider within Mastercard’s Site Data Protection program in June 2023. Previously, the company had been officially listed as a service provider by Visa in January 2023, solidifying its position in the global payment industry.