Originally published on: November 08, 2024
Alchemy Pay, a leading cryptocurrency payment gateway, has significantly enhanced its compliance in the United States by acquiring new licenses in four states.
The firm recently secured money transmitter licenses (MTLs) for Minnesota, Oklahoma, Oregon, and Wyoming, as reported to Cointelegraph. This achievement brings Alchemy Pay’s total number of US state licenses to eight, in accordance with data from the Nationwide Multi-State Licensing System and Registry.
These latest licenses come after previous approvals in Arkansas and Iowa in 2023, along with New Hampshire and New Mexico.
With the addition of these four licenses, Alchemy Pay can now extend its crypto services to individuals and businesses residing in the newly licensed regions. Users in these eight states can take advantage of the platform’s on-ramp and off-ramp services, facilitating seamless transactions between the US dollar and popular cryptocurrencies like Bitcoin (BTC).
“We are currently focused on establishing a strong, compliant foundation in each licensed region,” stated a spokesperson for Alchemy Pay. The company has been rolling out services gradually with each new license, starting with crypto and off-ramps to ensure alignment with state regulations.
In addition to the ramp solution, Alchemy Pay offers virtual and physical cards for instant global crypto spending, enabling merchants to accept crypto payments through their payment solution.
According to Romeo Luo, Alchemy Pay’s chief revenue officer, obtaining MTL licenses allows the company to tap into the vast potential of the US crypto market. Luo expressed pride in setting high standards in the ever-evolving Web3 landscape, particularly in the US market with significant growth opportunities.
While licensing times in US states can vary and may take up to a year in some cases, Alchemy Pay remains committed to navigating the regulatory landscape. The company’s representative stated, “We’re always hoping for a smoother path forward, but we’ll stay the course regardless of any shifts in administration.”
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