Alchemy Pay, a provider of fiat-crypto payment solutions, has been granted a Money Transmitter License (MTL) by the Arizona Department of Insurance and Financial Institutions, allowing it to operate legally in the state.
With this new license, Alchemy Pay now holds authorization to offer its services in nine U.S. states, including Arizona, Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming. The company is actively pursuing licenses in additional states to further expand its reach.
This regulatory approval comes at a time when U.S. government attitudes toward cryptocurrency are becoming more favorable. Under the administration of former President Donald Trump, initiatives like the Strategic Bitcoin Reserve and the White House Crypto Summit have shown increased support for digital assets.
The license will enable Alchemy Pay to facilitate seamless transactions between cryptocurrency and traditional fiat currencies in a legally compliant manner, reinforcing its position as a trusted payment provider. Alchemy Pay’s Chief Marketing Officer, Ailona Tsik, emphasized the company’s commitment to regulatory adherence and user protection. “As the cryptocurrency industry evolves, compliance remains our top priority,” Tsik said. “We want to ensure that users are engaging with a safe and lawful platform.”
Founded in 2017, Alchemy Pay has grown rapidly, boasting 3 million users and processing 8 million transactions in 2024—a threefold increase from the previous year. Beyond the U.S., the company holds licenses in several countries, including the UK, Switzerland, South Korea, Australia, and Canada, underscoring its commitment to adhering to local regulations.
Alchemy Pay has stated its intent to continue seeking licenses worldwide, aiming to provide secure and compliant crypto services globally.
Related topics:
New York AG Letitia James Calls for Urgent Crypto Regulation to Protect Dollar Dominance
