KEY TAKEAWAYS
- Alchemy Pay registers as a Money Services Business in Canada, enhancing its North American presence.
- The registration allows Alchemy Pay to offer currency exchange, money transfers, and virtual currency services in Canada.
- Alchemy Pay emphasizes compliance with Canadian AML and ATF regulations to ensure secure and transparent crypto services.
- The company is expanding globally, seeking additional licenses in regions like Hong Kong, Australia, and Europe.
Alchemy Pay, a prominent provider of cryptocurrency solutions, has announced its registration as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This registration marks a significant milestone in the company’s strategy to expand its footprint in North America.
The MSB registration confirms that Alchemy Pay is compliant with Canadian financial regulations, allowing it to offer various financial services. These include currency exchange, money transfers, and dealing in virtual currencies. With this registration, Canadian users can now buy digital assets, transfer funds, and convert crypto holdings into fiat currency for direct bank deposits, enhancing both onramping and offramping processes.
“As Canada continues to embrace digital currencies, the need for secure, reliable, and regulated services like those offered by Alchemy Pay becomes increasingly important,” stated Ailona Tsik, CMO at Alchemy Pay. She emphasized the importance of adhering to regulations set by authorities like FINTRAC to strengthen trust in the cryptocurrency industry and broaden access to secure digital payment solutions.
Commitment to Compliance and Security
As a registered MSB, Alchemy Pay is committed to maintaining high compliance standards in line with Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) regulations. This includes strict reporting and record-keeping requirements, such as comprehensive customer due diligence and the reporting of suspicious transactions. The company aims to ensure transparency and security for Canadian users engaging in crypto-related services.
In addition to its Canadian registration, Alchemy Pay has recently acquired four new Money Transmitter Licenses (MTLs) in the United States, specifically in Minnesota, Oklahoma, Oregon, and Wyoming. This brings its total to eight MTLs across the U.S., following earlier acquisitions in Arkansas, Iowa, New Hampshire, and New Mexico.
Global Expansion Plans
Alchemy Pay is actively pursuing additional licenses in key regions, including Hong Kong, Australia, South Korea, Singapore, and Europe. The company aims to secure 20 new licenses globally, supporting its vision of a connected and compliant crypto economy that facilitates easy and secure digital payments worldwide.
Explore More News:
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.