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FameEX Hot Topics | Alchemy Pay Obtains Money Services License in Iowa, Expanding Its Operations Across the US
2023-11-24 16:57:05
Singapore's Alchemy Pay, a cryptocurrency-to-fiat payment provider, is significantly expanding its presence in the United States by securing a money services license in Iowa. This strategic move aligns with local state regulations mandating that any entity or individual engaged in currency exchange or money transmission in Iowa must possess this license.
On November 23, Alchemy Pay officially announced its expansion into the U.S. market after successfully obtaining the money services license in Iowa. This milestone follows the company's achievement of a money transmitter license (MTL) in Arkansas in September. Alchemy Pay is demonstrating a strong commitment to solidifying its position in the U.S. by proactively completing the application process for MTL licenses in several other states. It expects responses to these applications in the coming months.
Robert McCracken, the ecosystem lead at Alchemy Pay, emphasized the company's unwavering dedication to compliance within the evolving regulatory landscape of the U.S. cryptocurrency sector. He highlighted the critical role of a well-structured regulatory environment, emphasizing that it is essential for ensuring the sustainable growth and development of any industry, including the fiat-crypto payment sector. McCracken expressed optimism about the cryptocurrency payment industry's vast potential, believing it could emerge as a leading sector in the future.
Currently, Alchemy Pay operates in an impressive 173 countries, offering a range of payment methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers. As the company continues its expansion efforts, it remains proactive in obtaining the necessary licenses and diligently adhering to compliance requirements. McCracken acknowledged that this path may present additional challenges, but he stressed that it is the correct approach to ensure the cryptocurrency payment industry's long-term success. Furthermore, Alchemy Pay is actively pursuing license applications in other international jurisdictions, including the United Kingdom and Hong Kong. This reflects the company's strategic approach to global expansion. In the broader context of the United States, regulators are still in the process of deliberating comprehensive regulations that would apply to the entire cryptocurrency industry. These ongoing regulatory developments underscore the evolving landscape surrounding cryptocurrencies and blockchain technology, with companies like Alchemy Pay proactively navigating this complex regulatory environment to thrive in the emerging cryptocurrency payment sector. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
