Alchemy Pay, which bills itself as the world’s leading fiat and cryptocurrency payment solutions provider, announced today that it has secured a Money Translation License (MTL) from the West Virginia Department of Banking. This approval marks another milestone in the company’s rapid push to build state-by-state compliance hubs across the United States.
The West Virginia license is the 12th U.S. jurisdiction in which Alchemy Pay is currently licensed to operate, and the fourth money transmitter license the company has received by 2025. The move follows recent approvals in Kansas, South Carolina, and Arizona and highlights an accelerated and intentional regulatory strategy. Alchemy Pay’s U.S. presence currently includes West Virginia, Kansas, Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, Arizona, and South Carolina, with additional applications under active review.
For Alchemy Pay, expanding its regulatory coverage is a practical step to expand its services from its core fiat to cryptocurrencies and unlock new product lines. The company cites its newly launched Real World Asset (RWA) platform as a prime example. The platform will be the first to offer direct access to RWA from fiat currencies, allowing users around the world to purchase tokenized assets using traditional payment methods. The company says its capabilities rely on a strong compliance foundation in multiple jurisdictions.
“Securing our 12th U.S. MTL with the addition of West Virginia is evidence of our focused execution of our global compliance strategy,” said Ilona Tsik, Alchemy Pay’s Chief Marketing Officer. “This accelerated progress demonstrates our ability to meet rigorous state-by-state regulatory standards and build scalable and reliable infrastructure. This is critical to the future of finance, from our core payments services to the tokenization of real-world assets, and provides assurance to our partners and users that we are committed to long-term, sustainable growth.”
Strengthen compliance with Alchemy Pay
The company’s U.S. momentum will run parallel to its international compliance expansion in 2025. Alchemy Pay highlights recent approvals and investments that expand its regulatory and operational capabilities, including a Digital Currency Exchange Provider (DCEP) license in Australia, electronic financial business registration in South Korea, membership in the Swiss Financial Services Quality Assurance Association (VQF) as a Chartered Self-Regulatory Organization (SRO), and a strategic investment in Hong Kong-licensed HTF Securities. limited. The company says that, taken together, these measures strengthen its position as a regulated payments infrastructure provider across multiple markets.
Founded in 2017, Alchemy Pay operates a payment gateway that connects cryptocurrencies with traditional fiat currencies for businesses, developers, and end users. Its product suite includes On & Off-Ramp services, the Ramp one-stop solution for buying and selling crypto and fiat currencies, Web3 Digital Bank, which offers multiple fiat accounts and instant fiat-to-crypto conversions, NFT Checkout for direct fiat purchases of NFTs, and the newly launched RWA platform for purchasing tokenized assets.
Alchemy Pay says cumulative regulatory developments will not only facilitate existing payment services, but also pave the way for compliance for future initiatives, including the potential launch of its own stablecoin and Alchemy Chain. The company continues to apply for licenses and approvals, and its latest West Virginia permit adds another element to its strategy aimed at blending traditional payment rails with emerging digital asset markets in a regulated manner.
Industry watchers say such a state-by-state approach remains a viable, if resource-intensive, route for crypto payment companies that want to serve U.S. customers while meeting regulatory requirements in various states. For Alchemy Pay, the new license is both a business enabler and a signal to society. The company is moving quickly to establish the necessary legal foundation to support widespread adoption of its fiat-to-cryptocurrency and fiat-to-RWA services.
