March 1, 2024

Alchemy Pay bags money services license in Iowa, expands US services

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The crypto-fiat payment services provider Alchemy Pay is expanding its presence in the U.S. after acquiring a money services license in the state of Iowa.

The Singaporean crypto-fiat payment gateway, Alchemy Pay, announced a further expansion into the United States market on Nov. 23 with the acquisition of its money services license in the state of Iowa. 

According to local state regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa must hold the license.

In September, the company received its money transmitter license (MTL) in Arkansas. The company says it has already completed the application for MTL licenses in additional U.S. states and anticipates answers in the coming months.

Alchemy Pay ecosystem lead Robert McCracken spoke to Cointelegraph about the development, saying that in the U.S. crypto landscape, Alchemy is focused on compliance with the currency regulatory framework.

“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”

McCracken said he believes the crypto payment industry has “immense potential” and could be a “leading sector in the future.” Alchemy Pay is already working in 173 countries via payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.

Related: Alchemy Pay gains 77% after exchange listings and cross-chain integrations

The Alchemy Pay exec said that it will be actively seeking licenses and adhering to compliance requirements as operations continue to expand. McCracken called this path “more challenging but ultimately correct.”

“[…] building core competitiveness and upholding the highest standards of compliance are essential for the long-term success of the crypto payment industry.”

According to its announcement, Alchemy Pay is also working on license applications in the United Kingdom and Hong Kong.

Currently, regulators in the U.S. are still mulling over a set of comprehensive regulations that would apply to the whole industry. 

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