According to ME News, on July 31 (UTC+8), crypto payment service provider Alchemy Pay obtained a Money Transmitter License (MTL) from the state of Michigan, expanding its licensed coverage in the United States to 19 states. The license applies to businesses that receive, transfer, or issue payment instruments within the state, covering digital wallets, cross-border remittances, payment processing, and crypto-related services. Alchemy Pay stated that this approval establishes a regulatory foundation for its long-term stablecoin strategy and its next-generation blockchain infrastructure, Alchemy Chain, which focuses on stablecoin-based payments and settlements. Over the past year, the company has also obtained registration as a Digital Currency Exchange Provider (DCEP) in Australia, registered as an Electronic Financial Services Provider in South Korea, gained approval to join the Swiss Association for Quality Assurance in Financial Services (VQF) as a recognized self-regulatory organization (SRO), and strengthened its presence in Hong Kong through an investment in the licensed Hong Kong entity HTF Securities Limited. Alchemy Pay currently holds money transmitter licenses in 19 U.S. states, including Arkansas, Iowa, and Minnesota, and has additional applications under review in other jurisdictions. (Source: Foresight News)
Alchemy Pay Obtains Michigan MTL License, Expanding U.S. Coverage to 19 States
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Summary
Alchemy Pay has obtained a Money Transmitter License (MTL) from Michigan, expanding its U.S. presence to 19 states. The license enables crypto payments, cross-border remittances, and stablecoin operations, in compliance with CFT regulations. Over the past year, the company has also enhanced its global compliance framework, including in Australia, South Korea, and Switzerland. Alchemy Pay’s move supports its strategy in liquidity and crypto markets, particularly through Alchemy Chain. The company continues to pursue licenses in additional jurisdictions while investing in Hong Kong’s HTF Securities Limited.
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