Alchemy Wallet Financial Services license in Iowa, expands US services.

Singaporean crypto-fiat payment gateway, Alchemy Pay, has announced its expansion into the United States market on November 23, having received its financial services license from the state of Iowa.

According to local state regulations, any entity or individual engaged in the money exchange or money transmission business in Iowa must hold such a license.

In September, the company received its Money Transfer License (MTL) in Arkansas. The company said it has completed its MTL license applications in additional US states and expects answers in the coming months.

Alchemy Payments Ecosystem Leader Robert McCracken spoke to Cointelegraph about the development, focusing on compliance with the US crypto landscape, exchange regulatory framework.

“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, including the fiat-crypto payment industry.”

McCracken said he believes the crypto payment industry has “huge potential” and could be a “leading sector of the future.” Alchemy Pay already works in 173 countries with payment methods including Visa, MasterCard, regional mobile wallets and local transfers.

Related: Alchemy Pay Gains 77% After Shifting Listings and Chain Mergers

The head of Alchemy Payments said that as operations expand, they will actively seek approval and comply with compliance requirements. McCracken calls this path “more challenging but ultimately right.”

“…building core competitiveness and adhering to consistent high standards are essential to the long-term success of the crypto payment industry.”

According to the announcement, Alchemy Pay is also processing license applications in the United Kingdom and Hong Kong.

Currently, regulators in the US are still considering a comprehensive set of regulations that could apply to the entire industry.

Magazine: This is your brain on crypto: Substance abuse grows among crypto traders