Alchemy Pay secures a money services license in Iowa, expanding its range of services in the United States.
Alchemy Pay, the provider of crypto-fiat payment services, is extending its footprint in the United States following the acquisition of a money services license in the state of Iowa.
Singapore-based Alchemy Pay, a prominent crypto-fiat payment gateway, has strategically expanded its presence in the United States by acquiring a money services license in Iowa on November 23. This move aligns with local state regulations that mandate a license for entities or individuals involved in currency exchange or money transmission activities within Iowa. It follows Alchemy Pay's earlier success in securing a money transmitter license (MTL) in Arkansas in September, demonstrating its commitment to regulatory compliance as it navigates the complex U.S. regulatory landscape.
The recent acquisition of the money services license in Iowa reflects Alchemy Pay's proactive approach to compliance and legal requirements, essential for sustainable operations and growth in the U.S. market. The company has already submitted applications for additional MTL licenses in various U.S. states and anticipates responses in the coming months. This strategic expansion reinforces Alchemy Pay's dedication to meeting regulatory standards and fostering a compliant operational framework in each jurisdiction it enters.
Robert McCracken, Alchemy Pay's ecosystem lead, emphasized the company's belief in the significance of a well-structured regulatory environment, particularly within the dynamic U.S. crypto landscape. He underscored the importance of compliance with the currency regulatory framework, viewing it as pivotal for the long-term success and development of the fiat-crypto payment industry. McCracken expressed confidence in the immense potential of the crypto payment sector, envisioning it as a leading industry in the future.
As part of its comprehensive global expansion strategy, Alchemy Pay is actively seeking licenses and adhering to compliance requirements not only in the United States but also in other key international markets. The company has ongoing license applications in the United Kingdom and Hong Kong, further solidifying its commitment to operating within regulatory frameworks on a global scale. In the ever-evolving regulatory landscape for the broader crypto industry, particularly in the U.S., Alchemy Pay's proactive approach positions it as a player dedicated to navigating regulatory challenges while contributing to the industry's maturation.