Alchemy Pay receives Money Transmitter License in Arkansas

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Key Takeaways

  • With the license, Alchemy Pay can issue payment instruments, oversee stored value and prepaid access, and facilitate receipt of funds.
  • Alchemy Pay is actively pursuing Money Transmitter Licenses in additional U.S. states.

In a major development, cryptocurrency payment gateway Alchemy Pay has successfully acquired a Money Transmitter License from the Arkansas Securities Department. This achievement, revealed on September 20 but granted on September 13, represents a significant leap forward for Alchemy Pay’s mission to facilitate the convergence of traditional fiat and the burgeoning realm of digital currencies.

With this newly acquired Money Transmitter License, Alchemy Pay gains the authority to engage in a wide array of financial activities within the state of Arkansas. This includes issuing payment instruments, overseeing stored value and prepaid access, and facilitating the receipt of funds, digital currencies, or monetary value for transmission.

Notably, this license marks Alchemy Pay’s very first Money Transmitter License in the United States, catapulting it into the league of other prominent cryptocurrency players like Coinbase, Block, MoonPay, and bitFlyer, all of which are already authorized to conduct crypto-to-fiat transactions within the state of Arkansas.

Robert McCraken, the lead of Alchemy Pay’s ecosystem, has underscored the company’s unwavering commitment to regulatory compliance. He stated emphatically, “With a steadfast dedication to compliance, our team has invested substantial time and effort into securing licenses across various countries and regions.”

This strategic achievement dovetails seamlessly with Alchemy Pay’s overarching vision of expanding its global footprint and spearheading the seamless integration of cryptocurrency within the broader financial landscape.

The newly acquired Money Transmitter License equips Alchemy Pay to offer an expanded suite of services within the United States, effectively bridging the divide between traditional fiat currencies and the dynamic world of cryptocurrencies.

Robert McCraken articulated the company’s ambitious vision, saying, “The company now prepares to expand its presence, aims to extend its services to users in the United States, and further contribute to our mission, bridging the fiat and crypto global economies.”

This milestone comes at a pivotal juncture when regulatory clarity holds paramount significance within the cryptocurrency sector. As part of its expansion strategy, Alchemy Pay is actively pursuing Money Transmitter Licenses in additional U.S. states to ensure strict compliance with evolving regulations.

While Alchemy Pay already facilitates crypto-to-fiat payments in 173 countries, the company has also secured licenses in key operational markets such as Indonesia and Lithuania.

The latest development comes amid Alchemy Pay gaining recognition as one of Mastercard’s SDP Compliant Service Providers

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Saniya Raahath
Saniya Raahath

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