KEY TAKEAWAYS
- Alchemy Pay secures a Money Transmission License in New Mexico, enhancing its U.S. market presence.
- The license acquisition validates Alchemy Pay’s capabilities and supports its crypto payment expansion.
- Alchemy Pay aims to obtain 20 additional licenses globally, targeting regions like Hong Kong and Europe.
- With over 1 million users, Alchemy Pay strengthens its regulatory compliance to support new ventures like the Web3 Digital Bank.
Alchemy Pay, a leading provider of fiat-crypto payment solutions, has announced the acquisition of a Money Transmission License (MTL) in New Mexico, United States. This development follows the company’s previous success in securing MTL licenses in Arkansas, Iowa, and New Hampshire, further solidifying its position in the U.S. market.
The acquisition of this license, which can be verified through the Nationwide Multistate Licensing System by searching for “Alchemy Pay” or the NMLS ID “24495750”, is a significant step for the company. It not only validates Alchemy Pay’s capabilities and qualifications as recognized by U.S. authorities but also facilitates the expansion of its crypto payment business across the country.
In New Mexico, a Money Transmission License is mandatory for any company involved in money transmission activities or those presenting themselves as providers of such services. This license ensures the security and reliability of the payment system, offering essential protections for both consumers and businesses engaged in financial transactions. Other entities recognized by the New Mexico Regulation & Licensing Department Financial Institutions Division include major players like American Express and Western Union.
Due to the independent regulatory operations of various states within the United States, Alchemy Pay is actively pursuing MTLs in additional states. The company also aims to expand its regulatory compliance globally, targeting regions such as Hong Kong, Australia, South Korea, Singapore, and Europe, with a goal of acquiring 20 additional licenses worldwide. The complete list of planned licenses is outlined in Alchemy Pay’s 2024 roadmap.
With over 1 million registered users and millions in transaction volume, Alchemy Pay’s pursuit of enhanced regulatory compliance is designed to strengthen its presence in both existing and new markets. This effort will enable the company to offer superior service and support its expansion into new ventures, such as the Web3 Digital Bank and the updated Crypto Payment product.
In 2024, Alchemy Pay successfully secured a Money Transmitter License in New Hampshire and an Authorized Payment Institution License in the UK. These additions contribute to Alchemy Pay’s growing list of licenses in countries including the United States, the UK, Lithuania, Indonesia, and Canada. Notably, Alchemy Pay’s credibility extends into the traditional payment sector, with recognition as an authorized third-party service provider by Visa and Mastercard.
For more information, the official announcement can be found here.
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