On November 23, Alchemy Pay, a crypto-fiat payment gateway based in Singapore, revealed that it has acquired a money services license in the state of Iowa, marking a significant step towards further expansion into the US market.
Any organization or individual doing currency exchange or money transmission business in Iowa is required to possess the license, according local state legislation.The business obtained its money transmitter license (MTL) in Arkansas in September.The business claims to have finished applying for MTL licenses in several US states and to expect a response in the upcoming months.Speaking to Cointelegraph about the development, Robert McCracken, the ecosystem lead for Alchemy Pay, stated that Alchemy is concentrated on adhering to the currency regulatory framework in the U.S. cryptocurrency market.
“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”
According to McCracken, the cryptocurrency payment market has “immense potential” and may emerge as a “leading sector in the future.”With payment options including Visa, Mastercard, regional mobile wallets, and local transfers, Alchemy Pay is already operational in 173 countries.As operations continue to grow, the Alchemy Pay executive stated that the company will be aggressively pursuing licenses and upholding regulatory standards.This route was described by McCracken as “more challenging but ultimately correct.”
“[…] building core competitiveness and upholding the highest standards of compliance are essential for the long-term success of the crypto payment industry.”
Alchemy Pay has stated that it is presently preparing applications for licenses in Hong Kong and the UK.At the moment, American officials are still considering a complete set of rules that would cover the entire industry.