In a significant step for its U.S. expansion, crypto-fiat payment gateway Alchemy Pay has secured a Money Transmitter License (MTL) from the South Dakota Division of Banking. This approval, effective in early 2025, marks the company's 13th state-level license in the United States, strengthening its compliant infrastructure for payment and exchange services.
The license is a critical component of Alchemy Pay's strategy to build a nationwide, legally sound network. South Dakota, known for its progressive stance on financial innovation, grants the company the ability to operate regulated payment services for state residents, mandating strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. This methodical, state-by-state approach addresses a major industry pain point—regulatory uncertainty—and is designed to build trust with users and merchants.
Analysts note that each new license acts as a building block for scalability. "South Dakota, while less populous, is part of a crucial contiguous bloc for payment routing efficiency," commented a fintech regulatory advisor. The expansion is expected to follow a pattern seen in other licensed states, leading to increased merchant onboarding and user transaction volumes. Furthermore, it enhances the utility of Alchemy Pay's native ACH token within its ecosystem, where it is used for fees, settlements, and network incentives.
Beyond the U.S., Alchemy Pay has been securing global regulatory approvals. In 2025, it gained registrations as a Digital Currency Exchange Provider in Australia, Electronic Financial Business status in South Korea, and joined a self-regulatory organization in Switzerland. The company also expanded in Hong Kong through a strategic investment, accessing Securities and Futures Commission licenses.
This regulatory progress underpins Alchemy Pay's broader product development, which includes a Real-World Asset platform for tokenized stocks and the development of its own stablecoin-native Layer 1 blockchain, Alchemy Chain. Following the South Dakota announcement, the price of the ACH token saw an increase of more than two percent.
