Alchemy Pay has gained a Money Transmitter License (MTL) in the state of South Carolina, adding to its portfolio of regulatory approvals in the US.
With this license, Alchemy Pay holds MTLs in ten US states, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, and Arizona. This highlights the company’s commitment to compliance with regulatory requirements and its expansion goal in the US financial ecosystem.
Compliance around the world
The licence was issued under the authority of the South Carolina Attorney General by the South Carolina Anti-Money Laundering Act, authorising Alchemy Pay to conduct a wider range of financial activities, such as electronic money transmission, issuing and selling stored value instruments, processing payments and remittances, foreign currency exchange, and more. The MTL also allows the company to offer its fiat-crypto on-ramps and off-ramps within South Carolina’s jurisdiction.
The initiative follows a time of progress in the US digital asset legislation. The recent bill of the GENIUS Act by the US Senate, together with institutional interest regarding real-world assets (RWA), offers opportunities to the blockchain and fintech industries. The licence offers a base for the company to focus on future initiatives such as its fiat-accessible RWA platform, which is projected to launch in August with the first batch of 60 tokenised stocks and ETFs in collaboration with Backed and xStocks.
As the company further strengthens its global compliance footprint, the licences will support a simple integration of improved products and services that unify TradFi with Web3, thus optimising accessibility to tokenised assets via familiar fiat payment methods. Beyond the US, Alchemy Pay makes progress worldwide, as it holds an Authorised Payment Institution (API) Licence in the UK, is registered as a Digital Currency Exchange Provider under AUSTRAC in Australia, and has obtained membership in Switzerland's VQF, as well as having a MSB (Money Services Business) registration in Canada. Additionally, the company is also pursuing compliance under Europe’s MiCA regulation and looking for key regulatory licences in Hong Kong.
