FameEX Hot Topics | Alchemy Pay Secures Money Services License in Iowa, Expanding Its US Operations

Singapore's cryptocurrency-to-fiat payment provider, Alchemy Pay, has taken a significant step in expanding its presence in the United States by securing a money services license in the state of Iowa. This strategic move aligns with local state regulations, which mandate that any entity or individual involved in currency exchange or money transmission in Iowa must hold this license.

On November 23, Alchemy Pay officially announced its expansion into the U.S. market following the acquisition of the money services license in Iowa. This latest development comes after the company received a money transmitter license (MTL) in Arkansas in September. Alchemy Pay has demonstrated its commitment to establishing a stronger foothold in the U.S. by also completing the application process for MTL licenses in several other states, with responses expected in the coming months.

Robert McCracken, the ecosystem lead at Alchemy Pay, emphasized the company's steadfast dedication to compliance within the evolving regulatory landscape of the U.S. cryptocurrency sector. He underscored the importance of a well-structured regulatory environment, stating that it is essential for the sustainable growth and development of any industry, including the fiat-crypto payment sector. McCracken expressed optimism about the immense potential of the cryptocurrency payment industry, believing that it could emerge as a leading sector in the future.

Currently, Alchemy Pay operates in a staggering 173 countries and provides various payment methods, including Visa, Mastercard, regional mobile wallets, and domestic transfers. As the company continues to expand its operations, it remains proactive in seeking the necessary licenses and adhering to compliance requirements. McCracken acknowledged that this path may present more challenges but stressed that it is the correct approach to ensure the long-term success of the cryptocurrency payment industry.