As a seasoned analyst with over two decades of experience in the financial sector, I find Alchemy Pay’s strategic expansion into four US states a commendable move. Having navigated through numerous regulatory hurdles in my career, I appreciate the meticulous process Alchemy Pay is undergoing to secure these money transmitter licenses.
The cryptocurrency payment platform, Alchemy Pay, is expanding its compliance efforts within the U.S. by securing fresh licenses in no less than four American states.
Alchemy Pay has successfully obtained four new Money Transmitter Licenses (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming, as they informed CryptoMoon on November 8th.
Through data from the Nationwide Multi-State Licensing System and Registry, it’s clear that the latest licenses have increased Alchemy Pay’s tally to a total of eight US state licenses they now hold.
In September 2023, licenses in Arkansas were approved, followed by those in Iowa in November 2023, along with licenses in New Hampshire and New Mexico at an undisclosed date.
Each license is a milestone to smoother crypto access in the US
Thanks to the acquisition of four new licenses, Alchemy Pay can now extend its cryptocurrency offerings to both individuals and businesses in the newly authorized regions.
Alchemy Pay has been given the green light to provide its exchange services between fiat currencies (such as the U.S. Dollar) and cryptocurrencies like Bitcoin (BTC), in states where it is legally allowed, allowing users to easily conduct transactions within these jurisdictions.
Currently, our main priority is establishing a robust, compliant foundation in every licensed area, according to a representative from Alchemy Pay.
As Alchemy Pay introduces each new license, they’ve been gradually implementing their services, initially focusing on cryptocurrency and off-ramp solutions to ensure compliance with state regulations. The spokesperson mentioned this, also emphasizing that these steps are in line with legal requirements.
“Each new license is a step toward making crypto access smoother and safer for US users — so for us, each one is a big milestone in expanding our reach.”
In addition to the Ramp option, Alchemy Pay provides both virtual and tangible cards that allow immediate cryptocurrency spending worldwide. Furthermore, this platform empowers merchants globally to receive crypto payments through Alchemy Pay’s crypto payment system.
The licensing process takes up to one year
As stated by Alchemy Pay’s Chief Revenue Officer, Romeo Luo, obtaining MTL licenses is a strategy to capitalize on the “massive opportunities” within the U.S. cryptocurrency market.
As a researcher immersed in the dynamic world of Web3, I take great pride in upholding exceptional standards that shape this ever-evolving landscape. Particularly within the thriving U.S. market, teeming with potential for expansion and growth, I am honored to contribute my part.
In different U.S. states, licensing periods may differ and could extend up to a full year in certain instances, according to a representative from the company.
“It usually takes several months to a year, depending on the review process,” Alchemy Pay noted.
As an analyst, I anticipate no significant alterations in Alchemy Pay’s outlook following the transition of the US administration after the 2024 U.S. Presidential Election, won by Donald Trump.
Our goal is a more seamless journey ahead, but no matter what changes may occur with leadership, we’ll stick to our plan,” said the representative from Alchemy Pay.
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2024-11-08 15:57