Greetings everyone! Following the recent unveiling of our comprehensive 2024 roadmap last week, there has been considerable curiosity among our community members. We’re excited to delve into the intricacies of our roadmap and provide a detailed explanation to address your inquiries and interests.
Do you still have that roadmap fresh in your memory? Let’s go over the roadmap together. In 2024, our key priorities revolve around:
- Advancing our ramp service
- Enhancing the crypto card
- Introducing the innovative Web3 bank account
- Securing essential regulatory licenses
What we got for you in this article is to go through the plan on our Regulatory Efforts.
It’s a kind of cliche, yet undeniably crucial: LICENSE.
Without licenses, conducting crypto payment operations worldwide compliantly is impossible. Each license obtained in various countries and regions strengthens our compliance framework. It’s straightforward — no license, no Alchemy Pay. That’s why we invest heavily in these applications and celebrate for every successful approval. These credentials are officially authorized by regulatory bodies globally, further solidifying our position in the industry.
In addition to our previous target regions like Hong Kong, the U.S., and the U.K., our compliance team is now aiming to broaden our presence in new markets such as Australia, South Korea, Singapore, and Europe. In certain regions, rather than pursuing licenses, we’re submitting applications to align with local regulations regarding crypto payments, such as in Europe, where the anticipated MICA regulation is set to take effect in June this year.
The licenses outlined above in the image are our targets for application and acquisition this year. Given the independent operations of the numerous states in the United States, akin to the ones we’ve already secured in Arkansas, Iowa, and New Hampshire, we anticipate acquiring a total of 20 more licenses.
The licenses we intend to apply for and secure are listed as follows: the Authorised Payment Institution License (API) in the UK, the Money Transmitter License (MTL) across various states in the US, the Money Service Operator License (MSO) in Hong Kong, the Virtual Asset Service Providers License (VASP) in Korea, the Digital Currency Exchange Providers License (DCEP) in Australia, and the Digital Payment Token License (DPT) in Singapore.
The authorizations we’re seeking to meet current regulatory requirements involve adhering to Information Security Management Systems (MIMS) in Korea, Markets in Crypto-Assets Regulation in Europe, and complying with Financial Service Standards Association (VQF) regulations in Switzerland.
Still have questions? We’re all ears! Drop them in our upcoming post for our monthly question collection, and we’ll address them in our regular March Community AMA. If you want to learn more about our roadmap, welcome to dive back into this comprehensive roadmap for a closer look!
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 On & Off-Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, 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. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on the Ethereum blockchain.
