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Crypto Payment Provider Alchemy Pay Secures Iowa Money Services License

Alchemy Pay Gains Iowa Money Services License

The Singapore-based payment gateway Alchemy Pay has been granted the money services license by the U.S. state of Iowa. Both this license and the money transmitter license obtained from Arkansas nearly two months earlier underline Alchemy’s “dedication to compliance.”

Alchemy Now in the Same League as Established Payment Providers

Alchemy Pay, a crypto on-ramp and payment gateway, recently said it has been granted the money services license by the U.S. state of Iowa’s banking division. In a statement, the Singapore-based payment gateway said it secured the Iowa license just a few months after obtaining the money transmitter license (MTL) in the state of Arkansas.

According to the gateway’s Nov. 23 statement, obtaining both licenses puts Alchemy in the same league with key players in the U.S. crypto market such as Coinbase, X (formerly Twitter), and Moonpay. Robert McCracken, the ecosystem lead at Alchemy, said the license acquisitions demonstrate his firm’s desire to remain compliant whilst improving user experience.

“The acquisition of our second Money Services License in the United States underlines Alchemy Pay’s global payment capabilities and our dedication to compliance. We continue to obtain licenses in countries and regions around the globe, improving our user’s experience, and strengthening our network coverage,” McCracken said.

In addition to the two licenses, the payment provider said it has completed the application process for MTL licenses in more states with outcomes expected to come in the next few months.

Besides the United States, Alchemy has scored similar license successes in Lithuania, Indonesia, and Canada. Alchemy Pay said it also intends to secure licenses in the United Kingdom and Hong Kong. These licenses not only solidify Alchemy’s standing in the crypto payment sector but also extend its credibility into the traditional payment sector.

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