Alchemy Pay integrates PayID and expands in Australia

The news comes after Alchemy Pay registered as a Digital Currency Exchange Provider (DCEP) with AUSTRAC, the Australian government financial intelligence agency, allowing it to provide fiat-crypto exchange services within the region. Besides underlining the company’s regulatory compliance, this accomplishment improves its ability to meet the needs, demands, and preferences of Australian users through minimised fees, efficient processing times, and increased transaction success rates.

Alchemy Pay’s expansion and offering in the Australian crypto market

As a payment solution across Australia’s financial landscape, PayID offers real-time processing capabilities, which have led to its increased adoption across the region for domestic transactions. By including PayID as one of its local payment options, Alchemy Pay seeks to enable Australian users to convert local currency (AUD) into crypto assets. The move focuses on supporting a simplified onboarding process while opening new avenues for crypto projects to assist market expansion.

Australia implements a rigorous regulatory framework, which has brought many issues for crypto payment providers. Also, the minimal number of compliant services has developed barriers to mass crypto adoption. By entering this market as one of the first crypto payment providers to obtain AUSTRAC approval, Alchemy Pay highlights its commitment to facilitating an advanced crypto payment infrastructure in Australia. By meeting rigorous regulatory requirements, the company intends to strengthen its position as a partner in supporting crypto adoption.

Furthermore, before receiving the approval from AUSTRAC, Alchemy Pay secured Money Transmitter Licences (MTLs) in Minnesota, Oklahoma, Oregon, and Wyoming. The development fell in line with the company’s strategy to simplify transactions, fiat and cryptocurrency, adhering to state-specific regulations. With its regulatory approvals, Alchemy Pay was positioned to serve Web3 projects, crypto exchanges, and digital wallets across the US.