- Alchemy Pay wins South Carolina license, now licensed in ten states.
- New MTL expands Alchemy Pay’s fiat-crypto services with full compliance.
- Global push continues as Alchemy Pay eyes MiCA and Hong Kong next.
Alchemy Pay has reached another important milestone. The global fiat-crypto payment gateway has been granted a Money Transmitter License (MTL) in South Carolina. This license marks a significant milestone of the company as it expands its legal bases in the United States.
New MTL Lets Alchemy Pay Expand Fiat-Crypto Services
Through this, Alchemy Pay has acquired about MTLs in 10 states in the U.S. These states are Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, Arizona and now South Carolina. This indicates that Alchemy Pay is not joking with obeying the U.S regulations and establishing trust among the regulators.
Alchemy Pay can provide numerous money services in South Carolina MTL. Such services are sending and receiving electronic money, selling stored value, and processing payments. It also deals with foreign money exchange and other licensed money operations. It implies that Alchemy Pay is free to offer its fiat-crypto ramps in South Carolina according to the law and without any danger.
It is a good time to see such progress. The U.S is beginning to offer crystal-clear guidelines on digital assets. It is evidenced by the recent creation of the GENIUS Act and the increased popularity of representations of real-world assets. With this new license, Alchemy Pay is still ahead of this evolving market.
According to the CEO of the company, the license demonstrates their high interest in compliance. Through it, Alchemy Pay will be able to extend its business in the United States and facilitate the process of connecting traditional money with blockchain. This action will subsidize their new projects as well.
To give an example, Alchemy Pay will introduce a new RWA platform in August. The blockchain will provide tokenized stocks and ETFs, which individuals can purchase with ordinary money. At first, there is an intention to collaborate with Backed and xStocks in order to introduce the initial batch of 60 tokenized assets. Alchemy Pay will be able to facilitate this launch more easily with the MTL in place.
Company Prepares for MiCA Rules, Targets Hong Kong Licenses Next
In addition to the U.S., Alchemy Pay is expanding worldwide. The firm is also a holder of an Authorized Payment Institution License in the UK. It is an Australia Digital Currency Exchange Provider. It is the part of Switzerland where it is a member of VQF which is a recognized group by FINMA.
Alchemy Pay is also a Money Services Business in Canada. It is made legal in South Korea to offer electronic financial services. These approvals demonstrate that Alchemy Pay aims to obey the regulations wherever it shows its presence.
Alchemy Pay has even greater plans. It has a desire to introduce its stablecoin. It is also developing Alchemy Chain, a blockchain based on stablecoins in worldwide payments. Good licenses will also assist the company in pushing such ideas with increased trust and safety.
Meanwhile, Alchemy Pay is preparing for new regulations in Europe as well. The firm is gearing up against MiCA, a crypto regulation in Europe. It is also exploring acquiring more licenses in Hong Kong and other large markets.
Ultimately, acquiring the license of South Carolina is not merely paperwork. It demonstrates that Alchemy Pay is prepared to take a substantial role in the development of the new generation of payments. As it provides new products and expands the number of licenses, it aims to bridge the gap between the new and the old sectors of the financial world.
