Alchemy Pay expands US compliance with four new state licenses

Cryptocurrency payment gateway Alchemy Pay has expanded its compliance in the United States by obtaining new licenses in four states.

Alchemy Pay secured money transmitter licenses (MTLs) for Minnesota, Oklahoma, Oregon and Wyoming, the firm told Cointelegraph on Nov. 8.

The new licenses bring Alchemy Pay’s total to eight US state licenses, according to data from the Nationwide Multi-State Licensing System and Registry.

The latest licenses follow earlier approvals in Arkansas in September 2023, Iowa in November 2023, as well as in New Hampshire and New Mexico.

Each license is a milestone to smoother crypto access in the US

With the four additional licenses, Alchemy Pay can expand its crypto services to residents and businesses across the new licensed regions.

Alchemy Pay can now offer its on-ramp and off-ramp services to users in the eight licensed states, enabling them to seamlessly transact between the US dollar and cryptocurrencies like Bitcoin ( BTC ).

Alchemy Pay’s licenses in the eight US states. Source: Nationwide Multi-State Licensing System and Registry

“Right now, we’re focused on building a solid, compliant base in each licensed region,” a spokesperson for Alchemy Pay said.

With each new license, Alchemy Pay has been rolling out services in stages, starting with crypto and off-ramps to make sure that everything aligns with state requirements, the representative noted, adding:

“Each new license is a step toward making crypto access smoother and safer for US users — so for us, each one is a big milestone in expanding our reach.”

Besides the ramp solution, Alchemy Pay offers virtual and physical cards for instant crypto spending globally. It enables merchants to accept crypto payments via Alchemy Pay’s crypto payment solution.

The licensing process takes up to one year

According to Alchemy Pay’s chief revenue officer, Romeo Luo, securing MTL licenses aims to tap into the “tremendous potential” in the US crypto market.

“We’re proud to be setting high standards in the evolving Web3 landscape, especially in the US, a market with vast opportunities for growth,” Luo said.

Licensing times in US states can vary, and may take up to a year in some cases, a spokesperson at the firm said. “It usually takes several months to a year, depending on the review process.”

Alchemy Pay doesn’t expect any major changes following Donald Trump’s victory in the US presidential election.

“We’re always hoping for a smoother path forward, but we’ll stay the course regardless of any shifts in administration,” Alchemy Pay’s representative said.

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