Alchemy Pay, a provider of fiat-crypto payment solutions, has secured a money transmitter licence (MTL) from the Arizona Department of Insurance and Financial Institutions.
The MTL enables Alchemy Pay to conduct fiat-to-crypto and crypto-to-fiat transactions within Arizona.
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With this addition, Alchemy Pay now holds MTLs in nine US states, with ongoing applications in various other jurisdictions.
The nine states include Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming.
Alchemy Pay CMO Ailona Tsik said: “This regulatory achievement underscores our unwavering commitment to compliance, security, and financial transparency. As the digital asset industry matures, obtaining the necessary regulatory approvals remains a top priority for us.
“We are dedicated to providing our users with a secure and legally compliant platform, and this latest milestone reinforces that commitment.”
The company has been operational since 2017, facilitating fiat-to-crypto transactions globally.
As of 2024, Alchemy Pay has reached three million registered users and has processed eight million transactions.
Alchemy Pay’s regulatory achievements extend beyond the US.
The company has secured an Authorised Payment Institution License in the UK, membership with the Swiss VQF as a Self-Regulatory Organisation, registration for Electronic and Financial Business in South Korea, status as a Digital Currency Exchange Provider under AUSTRAC in Australia, and recognition as a Money Service Business in Canada.
The company’s services, which include On & Off-Ramp, Web3 Digital Bank, and NFT Checkout, enable it to cater to customers in 173 countries.
The company’s Web3 Digital Bank offers multi-fiat accounts and instant fiat-to-crypto conversion for Web3 businesses.
Its NFT Checkout feature allows direct NFT purchases using fiat payments. ACH, the network token, operates on the Ethereum blockchain.
