Alchemy Pay Boosts US Presence with Iowa License, eyes Expansion in UK and Hong Kong
Summary:
Singapore-based crypto-fiat payment provider, Alchemy Pay, broadens its presence in the U.S. market through the acquisition of a money services license in Iowa. The company is actively applying for additional licenses in the U.S, as well as in the United Kingdom and Hong Kong, as part of its commitment to adhering to regional compliance requirements. Its services are already operational in 173 countries across multiple payment methods. Alchemy Pay's Ecosystem Lead, Robert McCracken, emphasized the potential of the crypto payment industry and the importance of regulatory frameworks.
Alchemy Pay, the Singapore-based crypto-fiat payment facilitator, has recently broadened its reach into the American market through the procurement of a money services license in Iowa, stated on Nov. 23. As per Iowa's state laws, this license is required by any person or business engaging in currency exchange or money transmission activities. Previously, in September, Alchemy Pay was granted a money transmitter license (MTL) in Arkansas. The firm has revealed applications for additional MTL licenses in other U.S. states, which are expected to be reviewed in the forthcoming months.
Robert McCracken, Alchemy Pay Ecosystem Lead, commented on the progression to Cointelegraph, emphasizing the company's commitment to adhering to U.S. crypto laws. He affirmed that a well-organized regulatory framework is integral for the ongoing growth and evolution of any industry, and this is no different for the fiat-crypto payment sector.
McCracken expressed confidence that the crypto payment industry has "broad potential" that can lead to it becoming a "dominant field in the future." Currently operational in 173 countries, Alchemy Pay is active across various payment methods, including Visa, Mastercard, regional mobile wallets, and local transactions.
The head of Alchemy Pay added that, in line with the company's expansion, processes to obtain licenses and fulfill compliance requirements will be actively pursued, a path McCracken described as "demanding but, in the end, right." Maintaining competitiveness and the utmost compliance standards is crucial for the long-term prosperity of the crypto payment sector, McCracken asserted.
Furthermore, Alchemy Pay has disclosed plans to apply for licenses in both the United Kingdom and Hong Kong. As of now, U.S. regulators are in the process of contemplating comprehensive regulatory measures applicable to the entire industry.
Published At
11/23/2023 1:11:49 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.