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The cryptocurrency service provider Alchemy Pay has boosted its worldwide influence by earning a critical payment certification in Arkansas. This development was communicated to the press on September 20, marking a significant stride for the firm.
The authorization, known as the Money Transmitter License, was granted by Arkansas' regulatory body, the Arkansas Securities Department. This permit will now allow Alchemy Pay to facilitate various financial services. These include the sale or issuance of payment tools, offering stored and prepaid financial values, and managing the transmission of funds, be it traditional money or digital currency.
On September 13, Alchemy Pay was awarded the license, marking its introductory regulatory nod in the U.S. The company's representative highlighted that this recognition is a pivotal moment in their American journey.
Arkansas' approval places Alchemy Pay alongside notable crypto enterprises that can process conversions from cryptocurrency to conventional money within the state. Notable names in this category include entities like Coinbase, MoonPay, Block, and the bitFlyer exchange.
Securing the Arkansas license aligns with Alchemy Pay's broader vision to receive regulatory consent in pivotal markets around the world. Their regulatory reach already extends to nations like Indonesia and Lithuania. The company has its sights set on similar licenses across various other American states, highlighting its commitment to abide by regional rules.
Robert McCracken, a lead figure at Alchemy Pay, emphasized the company's focus on adhering to global standards. He shared that Alchemy Pay has intentions to grow its U.S. footprint, aiming to strengthen the bridge between traditional and crypto economies.
Hailing from Singapore and established in 2018, Alchemy Pay has made its mark as a platform that connects traditional fiat currencies, such as the U.S. dollar or the euro, with renowned cryptocurrencies like Bitcoin and Ether. Their platform facilitates payments in an impressive 173 countries, including places like Canada, Hong Kong, Australia, the UAE, and India.
Recent events indicate Alchemy Pay's rising stature. In June 2023, the company met the requirements set by Mastercard's Site Data Protection program. This followed their recognition as a service provider by Visa in January 2023.
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