Alchemy Pay, a fiat-crypto payment solutions provider, announces its registration as a Digital Currency Exchange Provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
This approval represents a key regulatory approval, enabling Alchemy Pay to facilitate fiat-to-crypto payment services in the Australian market.
With its registration as a Digital Currency Exchange Provider under AUSTRAC, Alchemy Pay can establish local payment facilitator relationships in Australia to enhance crypto exchange services “at a more competitive price tailored to Australian users.”
Obtaining this achievement solidifies Alchemy Pay’s standing as a financial technology provider and “brings several critical advantages.”
- Regulatory Adherence: The registration ensures strict compliance with Australian AML and CTF regulations, reinforcing transparency and accountability.
- Building Stakeholder Trust: By demonstrating a strong commitment to legal compliance, Alchemy Pay strengthens its credibility among consumers, regulators, and industry partners.
- Unlocking Market Potential: Meeting regulatory standards opens new opportunities for Alchemy Pay to expand its services, connecting users to the global crypto economy.
- Risk Mitigation: By meeting AUSTRAC’s stringent anti-money laundering (AML) and counter-terrorism financing (CTF) compliance requirements, it minimizes exposure to risks related to illicit financial activities.
- Operational Integrity: By adhering to legal frameworks, Alchemy Pay ensures uninterrupted services, mitigates risks of non-compliance, and strengthens its long-term market presence. This alignment supports operational continuity and bolsters resilience against regulatory challenges.
Ailona Tsik, CMO of Alchemy Pay said:
“Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy. We’re excited to bring our services directly to Australian users, committing to regulatory engagement for legal compliance, stakeholder trust-building, and effective risk management in Australia.”
Building on its compliance framework, the company has “registered as a Money Services Business with FINTRAC in Canada and has expanded its North American footprint by securing eight Money Transmitter Licenses (MTLs) across the United States, including recent additions in Minnesota, Oklahoma, Oregon, and Wyoming.”
This progress complements earlier “acquisitions in Arkansas, Iowa, New Hampshire, and New Mexico.”
Globally, Alchemy Pay is pursuing licenses in key markets such as Hong Kong, South Korea, Singapore, and Europe, alongside its milestone in Australia.
Established back in Singapore 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, Crypto Payments and NFT Checkout, Alchemy Pay supports “payments in 173 countries.”