Alchemy Pay Expands U.S. Presence with Iowa License

Alchemy Pay, a crypto-fiat payment gateway based in Singapore, declared on November 23 that it had obtained a money services license in the state of Iowa, marking a further expansion into the United States market.

According to local state regulations, a license is necessary for any organization or person conducting a currency exchange or money transmission business in Iowa.

The organization obtained its money transmitter license (MTL) in Arkansas in September. The organization reports that the application process for MTL licenses in additional U.S. states is complete and that it expects to receive responses within the next few months.

Alchemy Pay Ecosystem Lead Robert McCracken discussed the development, stating that compliance with the currency regulatory framework is a priority in the U.S. cryptocurrency landscape.

“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.”

McCracken stated that he considers the cryptocurrency payment sector to be a “leading industry in the future” with “colossal potential.”

Alchemy Pay is presently operational in 173 countries and accepts Visa, Mastercard, regional mobile wallets, and domestic remittances, among other payment methods.

“… building core competitiveness and upholding the highest standards of compliance are essential for the long-term success of the crypto payment industry.”

As the organization continues to grow, the chief of Alchemy Pay stated that they will proactively pursue licenses and ensure compliance with all applicable regulations.

This path, according to McCracken, was “more difficult but ultimately correct.” Alchemy Pay is reportedly also preparing license applications in Hong Kong and the United Kingdom, per its announcement.

At present, U.S. regulators are deliberating on a set of all-encompassing regulations that would apply to the entire industry.