Alchemy Pay has secured a Money Transmitter License in South Carolina, marking its 10th in the U.S., facilitating expanded fiat-crypto services within the region.
The new license enhances regulatory compliance and could attract institutional partnerships, impacting assets like ETH and BTC. Immediate market reactions have not been documented.
Alchemy Pay Gains 10th U.S. License in South Carolina
Alchemy Pay has been granted a South Carolina Money Transmitter License, marking its 10th in the U.S. The approval, issued under the South Carolina Anti-Money Laundering Act, enables expansion into regulated payment services in the southeastern U.S.
Alchemy Pay’s leadership, including CEO John Tan, has been instrumental in obtaining the license, which supports fiat-crypto integration. The license allows for electronic money transmission and other services, broadening Alchemy Pay’s U.S. operational scope.
License Boosts Institutional Partnership Potential
The new license suggests increased trust and potential for institutional partnerships. Although financial support specifics remain undisclosed, expanding regulatory clarity could enhance Alchemy Pay’s U.S. market presence.
The license may impact ETH and BTC transaction volumes in South Carolina. Alchemy Pay’s services, supporting multiple cryptocurrencies, might benefit from increased transactional throughput as regulatory frameworks become clearer.
Past Licenses Show U.S. Expansion Strategy
Similar licenses in states like Arkansas and Arizona have facilitated Alchemy Pay’s growth across the U.S. These precedents suggest a pattern of expansion and reinforced infrastructure in the fiat-crypto payment sector.
Experts from Kanalcoin point to potential growth in the fiat-crypto market due to such licensing. Regulatory advancements enhance service credibility, fostering trust and broadening user adoption, particularly in underserved regions.
“Alchemy Pay … announced that it has been granted a Money Transmitter License (MTL) in the state of South Carolina, marking a significant addition to its growing portfolio of regulatory approvals in the United States.” – PR Newswire
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