Alchemy Pay expands operations in 13 U.S. states after obtaining MTL license in South Dakota

Alchemy Pay, a provider of payment gateway services, has achieved a new milestone. On January 15th, the company officially obtained a Money Transmitter License (MTL) from South Dakota, expanding its regulatory compliance area to 13 states in the United States. According to reports from PANews, this licensing achievement significantly advances the company’s business development in the North American market.

Accelerating Regulatory Compliance for Payment Platforms

Alchemy Pay is known as a platform that enables mutual settlement between fiat currencies and cryptocurrencies. The acquisition of the MTL license in South Dakota means that the company has been recognized as a legitimate money transmitter in that state. This license is not merely an administrative formality but a crucial signal demonstrating compliance with the stringent financial regulations in the U.S.

Obtaining an MTL license requires strict adherence to standards such as Anti-Money Laundering (AML) measures and Know Your Customer (KYC) procedures. Securing approval in South Dakota proves that Alchemy Pay has established a system capable of meeting the high regulatory standards in the U.S.

Strengthening Presence and Accelerating Business Expansion in the U.S.

Adding South Dakota as the 13th state to obtain an MTL license reflects Alchemy Pay’s phased market entry strategy. With the expansion of operational licenses across the U.S., the company can now legally provide payment services in a broader region.

This expansion can also be seen as a move to promote the mainstream adoption of crypto asset payments. As more compliant platforms expand their operations, overall market trust is likely to improve. The geographical expansion of legitimate companies like Alchemy Pay indicates the maturing of the crypto payment ecosystem.