The Singapore-based cryptocurrency-fiat payment gateway, Alchemy Pay, has announced plans to further expand into the U.S. market on November 23rd by securing a money transmitter license in the state of Iowa.
Under Iowa regulations, any organization or individual engaging in foreign exchange transactions or money transfers in Iowa must hold this license.
Previously, in September, Alchemy Pay also obtained a money transmitter license (MTL) in Arkansas. The company stated that it has completed MTL applications in several other states and is awaiting approval in the coming months.
Robert McCracken, head of Alchemy Pay’s ecosystem division, shared that in the U.S., Alchemy is focused on complying with currency regulations.
We believe that a well-structured legal environment is a necessary condition for all industries, including the cryptocurrency-fiat payment sector, to develop sustainably.
McCracken believes that the cryptocurrency payment sector has “huge potential” and could become one of the “leading fields in the future.” Currently, AlchemyPay operates in 173 countries through various payment methods such as Visa, Mastercard, regional mobile wallets, and domestic transfers.
Representatives from AlchemyPay affirmed that the company will actively seek licenses and comply with legal requirements as it continues to expand its operations. McCracken called this the “harder but right” path because
building core competitive capabilities and maintaining the highest standards of compliance are crucial factors for the long-term success of the cryptocurrency payment industry.
According to the announcement, Alchemy Pay is also in the process of applying for licenses in the United Kingdom and Hong Kong.
Currently, regulatory agencies in the U.S. are still considering establishing a comprehensive legal framework for the entire industry.
Related: SEC Seeks $2 Billion Fine from Ripple (XRP)
Alchemy Pay and ACH price fluctuations
Alchemy Pay (ACH) is a payment platform focusing on retail point-of-sale (POS) transactions and cross-border remittances. Users can use fiat currency, stablecoins, and other cryptocurrencies to make payments on traditional payment systems. ACH provides blockchain-based payment solutions, with advantages such as decentralization, high security, low costs, and high efficiency.
