Alchemy Pay, the Singaporean crypto-fiat payment gateway, revealed its expanded venture into the United States market by securing a money services license in Iowa on Nov. 23. This license is a prerequisite for any entity or individual conducting currency exchange or money transmission business in the state, as per local regulations.
Having obtained a money transmitter license (MTL) in Arkansas earlier in September, the company has already submitted applications for MTL licenses in other U.S. states. The expectation is to receive responses within the upcoming months.
Alchemy Pay’s ecosystem lead, Robert McCracken, emphasized the company’s commitment to aligning with the U.S. currency regulatory framework. He stressed the importance of a well-structured regulatory environment for sustained growth and development within the fiat-crypto payment industry.
McCracken highlighted the significant potential of the crypto payment industry, foreseeing it as a leading sector in the future. Alchemy Pay’s operations currently span 173 countries, utilizing various payment methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers. He emphasized the company’s active pursuit of licenses and compliance requirements during their expanding operations, acknowledging the challenges but considering it the correct path forward.
The company aims to fortify its core competitiveness and maintain the highest compliance standards, believing these aspects are crucial for the industry’s long-term success. In addition to the U.S., Alchemy Pay is actively pursuing license applications in the United Kingdom and Hong Kong.
Despite ongoing deliberations, comprehensive regulations applicable to the entire industry in the U.S. are still under consideration by regulators.
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