Alchemy Pay Achieves AUSTRAC Approval as Digital Currency Exchange Provider in Australia

SINGAPORE, Jan. 27, 2025 /PRNewswire/ -- Alchemy Pay, a world-leading fiat-crypto payment solutions provider, proudly announces its successful 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 seamless, secure 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. This regulatory milestone bolsters Alchemy Pay's regional presence and places it among other prominent industry players such as Kraken, which is also registered under this regulatory framework.

A Strategic Step Toward Enhanced Compliance and Growth

Obtaining this achievement not only solidifies Alchemy Pay's standing as a trustworthy financial technology provider but also brings several critical advantages.

1. Regulatory Adherence: The registration ensures strict compliance with Australian AML and CTF regulations, reinforcing transparency and accountability.
2. Building Stakeholder Trust: By demonstrating a strong commitment to legal compliance, Alchemy Pay strengthens its credibility among consumers, regulators, and industry partners.
3. Unlocking Market Potential: Meeting regulatory standards opens new opportunities for Alchemy Pay to expand its services, connecting users to the global crypto economy.
4. 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.
5. 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.

"Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy," said Ailona Tsik, CMO of Alchemy Pay. "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."

Alchemy Pay's Expansion Strategy: A Global Approach to Compliance

Alchemy Pay's acquisition of the AUSTRAC regulatory approval aligns with its strategic ambition to secure 20 regulatory licenses globally. Building on its growing compliance framework, the company has successfully 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 actively pursuing licenses in key markets such as Hong Kong, South Korea, Singapore, and Europe, alongside its latest milestone in Australia. These initiatives reflect Alchemy Pay's dedication to fostering a compliant, secure, and interconnected crypto economy, making digital payments accessible and trustworthy for users worldwide.

About Alchemy Pay

Founded 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.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. Our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. Additionally, the NFT Checkout enables direct purchases of NFTs using fiat payment methods. ACH is the Alchemy Pay network token on the Ethereum blockchain.

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SOURCE Alchemy Pay