Alchemy Pay secures money transmitter licence in South Carolina, US

Alchemy Pay, a company that provides a fiat-crypto payment gateway, has secured a money transmitter licence (MTL) in the US state of South Carolina.

This licence allows the company to offer money transmission, issuing stored value instruments, and currency exchange operations.

The MTL has been issued by the South Carolina Attorney General's office in accordance with the South Carolina Anti-Money Laundering Act.

With South Carolina now on board, Alchemy Pay holds similar licences in a total of ten US states.

The company is preparing to introduce a platform that will provide access to tokenised stocks and ETFs, in collaboration with Backed and xStocks, expected to launch in August.

Additionally, Alchemy Pay has been focusing on regulatory compliance on a global scale. The company has secured an authorised payment institution licence in the UK and is registered as a digital currency exchange provider with AUSTRAC in Australia.

In Switzerland, it has joined the VQF, an SRO recognised by the Swiss Financial Market Supervisory Authority (FINMA) and holds an MSB registration in Canada and is formally registered to provide electronic financial services in South Korea.

Alchemy Pay is pursuing compliance with the European Union's Markets in Crypto-Assets (MiCA) framework and is seeking relevant licences in Hong Kong.

In May, Alchemy Pay integrated PayID in its network to provide fiat-to-crypto exchange services in Australia, simplifying AUD to cryptocurrency conversion.

PayID is a real-time interbank payment service that facilitates domestic transactions in Australia.

"Alchemy Pay secures money transmitter licence in South Carolina, US " was originally created and published by Electronic Payments International, a GlobalData owned brand.

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