Alchemy Pay, the crypto-fiat payment gateway from Singapore, recently announced a major expansion into the American market on the 23rd of November, with the acquisition of its money services license in the American state of Iowa. According to the local regulations enforced by the state, any individual or entity engaged in some form of currency exchange or money transmission business in the state needs to hold this license. In the month of September, the company received its money transmitter license in Arkansas. The company has also stated that it has already gone through the application for the MTL licenses in further US states, and has also anticipated the answers in the coming months.
Alchemy Pay Has Expanded Into The United States
The ecosystem lead for Alchemy Pay, Robert McCracken, also spoke to Cointelegraph about this development, claiming that in the crypto landscape in the country, the company was quite focused on compliance with the current regulatory framework. McCracken stated that he believed the crypto payment industry had some major and immense potential and could be a massive sector in the future. For those wondering, Alchemy Pay is already working in 173 countries through a whole bunch of payment methods, which include Visa, Mastercard, and other regional mobile wallets.
The executives from Alchemy Pay stated that they would be actively seeking licenses, as well as adhering to the compliance requirements as the operations continued expanding. McCracken called this path as more challenging, but ultimately quite correct. According to the announcement, the company has also been working on license applications in the United Kingdom, as well as Hong Kong. Currently, the regulators in the country have been mulling over a whole set of comprehensive regulations that would be applicable to the whole industry.