Alchemy Pay, a leading provider of fiat-crypto payment solutions, has recently achieved a significant milestone by securing a money transmitter licence (MTL) from the Arizona Department of Insurance and Financial Institutions. This regulatory approval allows Alchemy Pay to facilitate fiat-to-crypto and crypto-to-fiat transactions within the state of Arizona.
With the addition of the Arizona MTL, Alchemy Pay now holds money transmitter licences in nine US states, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming. The company is also actively pursuing applications in various other jurisdictions, demonstrating its commitment to regulatory compliance and transparency in the digital asset industry.
Ailona Tsik, the Chief Marketing Officer of Alchemy Pay, emphasized the company’s dedication to providing users with a secure and legally compliant platform. Tsik stated, “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.”
Established in 2017, Alchemy Pay has been facilitating fiat-to-crypto transactions on a global scale. As of 2024, the company boasts three million registered users and has processed eight million transactions, showcasing the growing demand for its services.
In addition to its regulatory achievements in the US, Alchemy Pay has also secured various licenses and memberships in international markets. The company holds 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.
Alchemy Pay’s diverse range of services, including 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, while its NFT Checkout feature allows direct NFT purchases using fiat payments. ACH, the network token used by Alchemy Pay, operates on the Ethereum blockchain.
In conclusion, Alchemy Pay’s recent achievement of securing a money transmitter licence in Arizona highlights the company’s commitment to regulatory compliance and transparency. With a strong presence in the US and international markets, Alchemy Pay continues to expand its reach and offer innovative payment solutions to a global audience.
