Singapore-based crypto-fiat payment gateway Alchemy Pay revealed that it had acquired a money services license in Iowa, marking a significant step towards further expansion into the U.S. market.
Any organization or person doing currency exchange or money transmission business in Iowa must possess one of these licenses by local state rules.
The business obtained its Arkansas money transmitter license (MTL) in September. According to the company, it has already finished applying for MTL licenses in more U.S. states and will receive a response in the upcoming months.
Robert McCracken, Lead of Alchemy Pay Ecosystem, discussed the development with Cointelegraph, stating that their focus in the U.S. cryptocurrency market is on adhering to the currency regulatory framework.
“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.”
According to McCracken, the cryptocurrency payment market has “immense potential” and may emerge as a “leading sector in the future.” With payment options including Visa, Mastercard, regional mobile wallets, and local transfers, Alchemy Pay is already operational in 173 countries.
According to the head of Alchemy Pay, they will actively pursue licenses and follow regulations as the business grows. “More challenging but ultimately correct” was how McCracken described this route.
“… building core competitiveness and upholding the highest standards of compliance are essential for the long-term success of the crypto payment industry.”
Alchemy Pay has announced that it is also preparing license applications in Hong Kong and the United Kingdom.
