Cryptocurrency payment gateway Alchemy Pay is growing compliance in the United States by obtaining new licenses in four US states.
Alchemy Pay has secured four new US money transmitter licenses (MTLs) in Minnesota, Oklahoma, Oregon and Wyoming, the firm announced to Cointelegraph on Nov. 8.
The new licenses bring Alchemy Pay’s total to eight US state licenses, according to data from the Nationwide Multi-State Licensing System and Registry.
The latest licenses follow earlier approvals in Arkansas in September 2023, Iowa in November 2023, as well as New Hampshire and New Mexico.
Each license is a milestone to smoother crypto access in the US
With the four additional licenses, Alchemy Pay can now expand its cryptocurrency services to residents and businesses across the new licensed regions.
Alchemy Pay is now officially able to offer its on-ramp and off-ramp services to users in the licensed states, enabling users to seamlessly transact between the US dollar and cryptocurrencies like Bitcoin (BTC).
Alchemy Pay’s licenses in the eight US states. Source: Nationwide Multi-State Licensing System and Registry
“Right now, we’re focused on building a solid, compliant base in each licensed region,” a spokesperson for Alchemy Pay said.
With each new license, Alchemy Pay has been rolling out services in stages, starting with crypto and off-ramps to make sure that everything aligns with state requirements, the representative noted, adding:
“Each new license is a step toward making crypto access smoother and safer for US users — so for us, each one is a big milestone in expanding our reach.”
Besides the Ramp solution, Alchemy Pay also offers virtual and physical cards for instant crypto spending globally. It also enables merchants across the globe to accept crypto payments via Alchemy Pay’s crypto payment solution.
The licensing process takes up to one year
According to Alchemy Pay’s chief revenue officer Romeo Luo, securing MTL licenses aims to tap into the “tremendous potential” in the US crypto market.
“We’re proud to be setting high standards in the evolving Web3 landscape, especially in the US, a market with vast opportunities for growth,” Luo stated.
Licensing times in US states can vary by state and usually take up to a year in some cases, a spokesperson at the firm said.
“It usually takes several months to a year, depending on the review process,” Alchemy Pay noted.
Alchemy Pay doesn’t expect any major changes from the upcoming change of US administration following Donald Trump’s victory in the US 2024 presidential election.
“We’re always hoping for a smoother path forward, but we’ll stay the course regardless of any shifts in administration,” Alchemy Pay’s representative stated.
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