KEY TAKEAWAYS
- Alchemy Pay secures a Money Transmitter License in South Carolina, expanding its regulatory approvals in the U.S.
- The license allows Alchemy Pay to offer a range of financial services, including fiat-crypto transactions, within South Carolina.
- This regulatory milestone supports Alchemy Pay’s strategic expansion and positions it as a key player in the emerging RWA ecosystem.
- Alchemy Pay is actively pursuing global compliance, enhancing its role in bridging traditional finance and Web3.
Alchemy Pay, a leading fiat-crypto payment gateway, has announced that it has been granted a Money Transmitter License (MTL) in South Carolina. This development marks a significant addition to the company’s growing portfolio of regulatory approvals in the United States.
With the inclusion of South Carolina, Alchemy Pay now holds MTLs in ten U.S. states, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, and Arizona. This milestone underscores Alchemy Pay’s commitment to regulatory compliance and its strategic expansion within the U.S. financial landscape.
Regulatory Advancements and Strategic Expansion
The Money Transmitter License, issued under the authority of the South Carolina Attorney General in accordance with the South Carolina Anti-Money Laundering Act, authorizes Alchemy Pay to conduct a wide range of regulated financial activities. These include electronic money transmission, issuing and selling stored value instruments, processing payments and remittances, foreign currency exchange, and other licensed money services. The license enables Alchemy Pay to lawfully offer its suite of fiat-crypto on-ramps and off-ramps within South Carolina’s jurisdiction.
This regulatory advancement comes at a time of accelerating clarity and progress in U.S. digital asset legislation. The recent passage of the GENIUS Act by the U.S. Senate, alongside increased institutional interest in real-world assets (RWA), marks a pivotal moment for the blockchain and fintech sectors. In this context, Alchemy Pay’s newly secured license is well-positioned to support its continued role as an on and off-ramp infrastructure provider and a key enabler of the emerging RWA ecosystem.
Global Regulatory Strategy and Future Initiatives
The South Carolina license represents another step in Alchemy Pay’s broader regulatory strategy, laying the groundwork for future initiatives such as its fiat-accessible RWA platform. This platform is expected to go live in August with the first batch of 60 tokenized stocks and ETFs in collaboration with Backed and xStocks. As Alchemy Pay continues to expand its global compliance footprint, these foundational licenses will support the seamless integration of innovative products that bridge traditional finance and Web3, ultimately enhancing accessibility to tokenized assets via familiar fiat payment methods.
Beyond its footprint in the U.S., Alchemy Pay continues to make notable progress in key jurisdictions worldwide. The company holds an Authorised Payment Institution (API) License in the United Kingdom, is registered as a Digital Currency Exchange Provider under AUSTRAC in Australia, and has obtained membership in Switzerland’s VQF, a FINMA-recognized Self-Regulatory Organisation (SRO). It also holds an MSB (Money Services Business) registration in Canada and maintains formal registration for electronic financial services in South Korea.
In addition, Alchemy Pay is actively pursuing compliance under Europe’s Markets in Crypto-Assets (MiCA) regulation and seeking key regulatory licenses in Hong Kong, further solidifying its global regulatory posture in anticipation of the next wave of Web3 financial infrastructure.
The full announcement can be read here.
Why This Matters: Impact, Industry Trends & Expert Insights
Alchemy Pay’s acquisition of a Money Transmitter License in South Carolina marks a significant step in its U.S. regulatory expansion, enhancing its ability to operate within the state’s financial ecosystem.
Recent industry reports indicate a growing regulatory landscape for cryptocurrency businesses in the U.S., with more states requiring money transmitter licenses. This aligns with Alchemy Pay’s strategic move to secure a license in South Carolina, reflecting a broader trend towards regulatory compliance in the digital asset sector.
As per insights from a State Street report, the U.S. is experiencing significant regulatory shifts, with a focus on fostering innovation in digital assets. This supports Alchemy Pay’s efforts to expand its regulatory footprint in the U.S. and aligns with the broader policy environment aimed at providing clarity and growth opportunities in the digital asset sector.
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