Alchemy Pay, the Singapore-based cryptocurrency-to-fiat payment gateway, has expanded its presence in the United States by securing a money services license in Iowa, as announced on November 23. The acquisition of this license aligns with the regulatory requirements in Iowa, where entities or individuals involved in currency exchange or money transmission must hold such licenses.
Having previously obtained a money transmitter license (MTL) in Arkansas in September, Alchemy Pay is actively pursuing MTL licenses in additional U.S. states. The company has already submitted the necessary applications and expects responses in the coming months.
Addressing the expansion, Robert McCracken, Alchemy Pay Ecosystem Lead, emphasized the company’s commitment to compliance with the U.S. regulatory framework for cryptocurrencies. McCracken highlighted the importance of a well-structured regulatory environment, stating that it is crucial for the sustainable growth and development of any industry, particularly in the fiat-crypto payment sector.
McCracken expressed optimism about the crypto payment industry’s potential, foreseeing it as a leading sector in the future. Alchemy Pay, which operates in 173 countries, facilitates transactions through various payment methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers.
The company’s strategic focus on regulatory adherence reflects its dedication to fostering a secure and compliant ecosystem within the evolving landscape of cryptocurrency payments.