Alchemy Pay Enters US Market, Obtains Money Transmitter License in Arkansas

Singapore-based fiat-crypto gateway payment provider Alchemy Pay announced on Friday (September 22, 2023) the obtainment of the Money Transmitter License in the state of Arkansas, United States.

With the new license, Alchemy Pay can engage in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and virtual currency to facilitate transactions with others, expanding its services to US clients.

The latest development follows the firm's securing licenses for remittance and fund transfer services from Bank Indonesia​.

Currently, Alchemy Pay is applying for Money Transmitter Licenses in other states across the US. In addition, the company is seeking an Authorized Payment Institution License in the United Kingdom, and a Money Service Operator License and a Virtual Assets Service Provider License in Hong Kong as well.

"With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions. We are pleased to see that our endeavors have yielded positive outcomes. Throughout recent years, Alchemy Pay has widely explored these emerging markets, building a robust presence and reputation in these regions, with a notable customer and user base. Leveraging its compliance capabilities, the company now prepares to expand its presence, aims to expand its services to users in the US, and further contribute to our mission, bridging the fiat and crypto global economies," said Robert McCracken, Ecosystem Lead at Alchemy Pay.