Alchemy Pay, the crypto solutions provider, is pleased to announce that its entity, Alchemy Pay Ltd. has successfully registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
This achievement, along with the recent acquisition of 4 new Money Transmitter Licenses (MTLs) in the US, marks “significant progress in Alchemy Pay’s North American expansion strategy.”
This registration confirms that Alchemy Pay is fully “compliant with Canadian financial regulations and legally authorized to provide a range of financial services, including currency exchange, money transfers, and dealing in virtual currencies.”
With its MSB registration, Alchemy Pay enables Canadian users to easily and securely buy “digital assets, transfer funds, complete transactions, and convert crypto holdings into fiat for direct deposit into bank accounts, streamlining both onramping and offramping.”
Ailona Tsik, CMO at Alchemy Pay, said:
“As Canada continues to embrace digital currencies, the need for secure, reliable, and regulated services like those offered by Alchemy Pay becomes increasingly important. Our MSB registration allows us to offer Canadian users more secure and seamless access to the world of cryptocurrencies, while ensuring compliance with local regulations. We believe that by adhering to regulations set forth by authorities like FINTRAC, we can strengthen trust in the cryptocurrency industry and broaden access to secure digital payment solutions.”
As a registered MSB, Alchemy Pay is dedicated to upholding the highest compliance standards “aligned with Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) regulations.”
This entails strict reporting and record-keeping requirements, including comprehensive customer due diligence, “reporting of suspicious transactions, and maintaining meticulous transaction records.”
With this license, Alchemy Pay affirms its dedication to transparency and security, ensuring that Canadian users “can confidently engage in crypto-related services, backed by a trusted, regulated platform.”
Alchemy Pay continues to drive its expansion in North America, having recently secured “four additional MTLs in Minnesota, Oklahoma, Oregon, and Wyoming, bringing its total to eight across the United States, following earlier acquisitions in Arkansas, Iowa, New Hampshire, and New Mexico.”
In its pursuit of growth, the company is seeking additional licenses across key regions, “including Hong Kong, Australia, South Korea, Singapore, and Europe.”
Alchemy Pay aims to secure 20 new licenses globally, “supporting its vision of a connected, compliant crypto economy that facilitates easy, secure digital payments for users worldwide.”
Established in Singapore back in 2017, Alchemy Pay is a payment gateway that seamlessly “connects crypto with traditional fiat currencies for businesses, developers, and end users.”
With its offerings including On & Off Ramp, Web3 Digital Bank and NFT Checkout, Alchemy Pay “supports payments in 173 countries.”
The Ramp is a one-stop solution to buy and sell “crypto and fiat, easily integrated by platforms and dApps according to requirements. Our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities.”
In addition to this, the NFT Checkout enables direct “purchases of NFTs using fiat payment methods. ACH is the Alchemy Pay network token on the Ethereum blockchain.”
