KEY TAKEAWAYS
- Alchemy Pay secures AUSTRAC registration, enabling it to offer fiat-to-crypto payment services in Australia.
- This regulatory approval enhances Alchemy Pay’s credibility and compliance with Australian AML and CTF regulations.
- Alchemy Pay aims to expand globally, pursuing regulatory licenses in key markets like Hong Kong and Europe.
Alchemy Pay, a leading provider of fiat-crypto payment solutions, has announced its successful registration as a Digital Currency Exchange Provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This approval marks a significant regulatory milestone, enabling Alchemy Pay to offer secure fiat-to-crypto payment services in the Australian market.
With this registration, Alchemy Pay can establish local payment facilitator relationships in Australia, enhancing its crypto exchange services at competitive prices tailored to Australian users. This development places Alchemy Pay alongside other prominent industry players, such as Coinbase and Kraken, which are also registered under this regulatory framework.
Strategic Compliance and Growth
Obtaining AUSTRAC approval solidifies Alchemy Pay’s reputation as a reliable financial technology provider and brings several advantages.
The registration ensures strict adherence to Australian anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, reinforcing transparency and accountability. By demonstrating a commitment to legal compliance, Alchemy Pay strengthens its credibility among consumers, regulators, and industry partners.
Meeting regulatory standards opens new opportunities for Alchemy Pay to expand its services, connecting users to the global crypto economy. Compliance with AUSTRAC’s stringent requirements minimizes exposure to risks related to illicit financial activities, ensuring operational integrity and uninterrupted services.
“Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy,” said Ailona Tsik, CMO of Alchemy Pay. “We’re excited to bring our services directly to Australian users, committing to regulatory engagement for legal compliance, stakeholder trust-building, and effective risk management in Australia.” The full announcement can be found here.
Global Expansion and Compliance Strategy
Alchemy Pay’s acquisition of AUSTRAC regulatory approval aligns with its strategic ambition to secure 20 regulatory licenses globally. The company has registered as a Money Services Business with FINTRAC in Canada and expanded its North American footprint by securing eight Money Transmitter Licenses (MTLs) across the United States, including recent additions in Minnesota, Oklahoma, Oregon, and Wyoming.
Globally, Alchemy Pay is actively pursuing licenses in key markets such as Hong Kong, South Korea, Singapore, and Europe. These initiatives reflect Alchemy Pay’s dedication to fostering a compliant, secure, and interconnected crypto economy, making digital payments accessible and trustworthy for users worldwide.
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