Singapore-based Alchemy Pay has taken a significant step in its U.S. expansion strategy by securing a money services license in Iowa. This development marks a pivotal move for the crypto-fiat payment service provider, enhancing its foothold in the American market.
Alchemy Pay’s Acquisition of Iowa License
Alchemy Pay’s latest achievement in Iowa signifies its commitment to adhering to local regulations and expanding its services within the United States. The need for a money services license in Iowa arises for any entity involved in currency exchange or money transmission activities. This move follows their recent success in Arkansas, obtaining a money transmitter license (MTL).
U.S. Compliance and Industry Growth
Robert McCracken, the ecosystem lead at Alchemy Pay, underscored the company’s focus on compliance with the U.S. regulatory framework. He emphasized the importance of a well-structured regulatory environment for the sustainable growth of the fiat-crypto payment industry. McCracken believes that adhering to these regulations, though challenging, is crucial for the long-term success and legitimacy of the crypto payment sector.
Currently operating in 173 countries and offering diverse payment methods like Visa, Mastercard, and regional mobile wallets, Alchemy Pay’s expansion is not limited to the U.S. Moreover, the company is actively working on license applications in other major financial markets, including the United Kingdom and Hong Kong.
As U.S. regulators continue to deliberate over comprehensive regulations for the crypto industry, Alchemy Pay’s proactive approach to compliance places them in a favorable position. This strategy aligns with current regulatory trends and prepares them for future industry standards.
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