The approval broadens the fiat-crypto payment gateway’s regulated U.S. footprint and supports compliant conversion between cryptocurrency and fiat payments.
Alchemy Pay said it has obtained a Money Transmitter License in Michigan, taking its regulated U.S. footprint to 19 states. The company said the approval supports its ability to offer compliant fiat-to-crypto and crypto-to-fiat services in the state and forms part of a broader push to build regulated payment infrastructure across major U.S. economic regions. Alchemy Pay framed Michigan as a strategically important market for expanding its network, citing the state’s technology ecosystem and payment connectivity. The company also said the milestone advances its work on next-generation blockchain-based payment infrastructure centered on stablecoin-based payments and settlement. Outside the United States, Alchemy Pay said it has secured Digital Currency Exchange Provider registration in Australia, Electronic Financial Business registration in South Korea, and joined Switzerland’s VQF (financial services self-regulatory body) as a recognized Self-Regulatory Organization.