Singapore-based Alchemy Pay Expands in US Market
Alchemy Pay, a Singaporean crypto-fiat payment gateway, recently acquired a money services license in the state of Iowa, signaling its further expansion into the United States market.
Regulatory Compliance for Expansion
According to local state regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa must hold such a license. Alchemy Pay also received its money transmitter license (MTL) in Arkansas in September and is awaiting responses for MTL license applications in other U.S. states.
Commitment to Regulatory Environment
The company’s head emphasized the importance of a well-structured regulatory environment for the sustainable growth of the fiat-crypto payment industry. Alchemy Pay expressed its belief in the immense potential of the crypto payment industry and its commitment to seeking licenses and compliance requirements as operations expand.
Global Expansion and Regulatory Applications
Alchemy Pay, which operates in 173 countries, is already working with payment methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers. The company is also working on license applications in the United Kingdom and Hong Kong, in addition to its expansion in the U.S.
Ongoing Regulatory Developments
While the company continues to expand, regulators in the U.S. are still deliberating on comprehensive regulations that would apply to the entire industry.
Hot Take: Alchemy Pay’s Commitment to Regulatory Compliance
Alchemy Pay’s expansion into the U.S. market and its commitment to regulatory compliance demonstrate its dedication to sustainable growth and long-term success in the crypto payment industry.
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