Alchemy Pay Obtains Money Transfer License in Michigan

Alchemy Pay has obtained a Money Transfer License (MTL) in Michigan, expanding its licensed coverage in the United States to 19 states. This license applies to businesses that receive, transfer, or issue payment instruments within the state, covering digital wallets, cross-border remittances, payment processing, and cryptocurrency-related activities. Alchemy Pay stated that this approval lays a regulatory foundation for the company's long-term stablecoin strategy and the blockchain infrastructure of Alchemy Chain. Over the past year, the company has registered as a digital currency trading service provider in Australia, obtained electronic financial business registration in South Korea, been approved to join the Financial Services Quality Assurance Association in Switzerland, and strengthened its presence in Hong Kong through investment in the licensed entity HTF Securities Limited. Currently, Alchemy Pay holds money transfer licenses in 19 U.S. states, including Arkansas, Iowa, and Minnesota, with several applications still under review in other jurisdictions.