Alchemy Pay bags money services license in Iowa, expands US services
The Singaporean crypto-fiat payment gateway, Alchemy Pay, announced a further expansion into the United States market on Nov. 23 with the acquisition of its money services license in the state of Iowa.
According to local state regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa must hold such a license.
In September, the company received its money transmitter license (MTL) in Arkansas. The company says it has already completed the application for MTL licenses in additional U.S. states and anticipates answers in the coming months.
Alchemy Pay Ecosystem Lead Robert McCracken spoke to Cointelegraph about the development, saying that in the U.S. crypto landscape, they are focused on compliance with the currency regulatory framework.
McCracken said he believes the crypto payment industry has “immense potential” and could be a “leading sector in the future.” Alchemy Pay is already working in 173 countries via payment methods including Visa, Mastercard, regional mobile wallets, and domestic transfers.
Related: Alchemy Pay gains 77% after exchange listings and cross-chain integrations
The Alchemy Pay head said that they will be actively seeking licenses and adhering to compliance requirements as operations continue to expand. McCracken called this path “more challenging but ultimately correct.”
According to its announcement, Alchemy Pay is also working on license applications in the United Kingdom and Hong Kong.
Currently, regulators in the U.S. are still mulling over a set of comprehensive regulations that would apply to the whole industry.
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