Crypto payment gateway Alchemy Pay has secured a Money Transmitter License in Arkansas, the company said in a press release on Thursday 21 September.
The license granted by the Arkansas Securities Department, empowers Alchemy Pay to enhance its operations within the United States, bringing its fully compliant crypto payment services for related-activity to Arkansas.
According to the Department, the license allows Alchemy Pay to engage in activities related to the selling or issuance of payment instruments, stored value, prepaid access, as well as the receipt of money and virtual currency to facilitate transactions with others.
Commenting on the license, Ecosystem Lead at Alchemy Pay, Robert McCracken expressed delight that the company’s efforts towards compliance is yielding results.
“With a strong dedication to compliance, our team had invested substantial time and effort into securing licenses across various countries and regions. We are pleased to see that our endeavors have yielded positive outcomes,” McCracken said in a statement.
“Throughout recent years, Alchemy Pay has widely explored these emerging markets, building a robust presence and reputation in these regions, with a notable customer and user base. Leveraging its compliance capabilities, the company now prepares to expand its presence, aims to expand its services to users in the US, and further contribute to our mission, bridging the fiat and crypto global economies,” he added.
Alchemy Pay Seeks Compliance in Many Jurisdictions
Alchemy Pay has indeed invested significantly towards securing licenses in many jurisdictions. Arkansas is one of the U.S states the company has long pursued the license in, and has finally obtained it, but not relenting.
It is currently in the application process to obtain more Money Transmitter Licenses in other states across the United States. Up to this point, the company has secured the Money Transmitter License within the US, as well as several licenses in some of its major markets, including Indonesia and Lithuania.
The company is also reportedly actively pursuing an Authorized Payment Institution License in the United Kingdom, as well as seeking a Money Service Operator License and a Virtual Assets Service Provider License in Hong Kong, one of the leading crypto hubs in the world.
Additionally, the company gained official recognition from Visa and Mastercard earlier this year, giving it more credibility as an approved third-party service provider endorsed by these payment giants. With these achievements in place, Alchemy Pay is positioned to be a leader in payments in the near future, especially as crypto payments continue to gain popularity around the world.
ACH Price Jumps Following Licensing
The news of the license acquisition in the state of Arkansas has impacted ACH, Alchemy Pay’s native token positively. ACH is currently the 183rd largest cryptocurrency by market cap, according to Coin Market Cap.
At the time of writing this report, the token has gone up 4.31 percent in the last 24 hours, coinciding with the announcement of the Arkansas license. This is not surprising as the license has widened ACH’s user base, bringing more users onboard.
Going forward, ACH is likely to record greater growth as the company continues to expand its coverage by obtaining more licenses both within and outside the U.S. Not only the price, but the trading volume has also increased by 107% in the last 24 hours, indicating that it is really being trading.