Singapore-based Alchemy Pay has received the Australian Transaction Reports and Analysis Centre (AUSTRAC) approval as a Digital Currency Exchange Provider.
With the regulatory approval, the crypto payment solutions provider is enabled to facilitate easy, secure fiat-to-crypto payment services in the Australian market.
The registration as a Digital Currency Exchange Provider allows the company to establish local payment facilitator relationships in Australia to enhance its crypto exchange services.
Alchemy Pay said the regulatory milestone boosts its regional presence and strengthens its position among industry players such as Kraken.
Alchemy Pay CMO Ailona Tsik said: “Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralised crypto economy.
“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.”
According to Alchemy Pay, meeting regulatory standards unlocks new opportunities and will expand its services, connecting users to the global crypto economy.
AUSTRAC’s stringent anti-money laundering (AML) and counter-terrorism financing (CTF) compliance requirements will minimise the exposure to risks related to fraudulent activities.
Alchemy Pay said the regulatory approval aligns with its strategy to secure 20 regulatory licences worldwide, mitigate the risks of non-compliance and enhance its market presence.
The company has registered as a Money Services Business with Canada’s FINTRAC and expanded its footprint in North America through eight Money Transmitter Licences in the US.
In addition to approval in Australia, Alchemy Pay is actively looking for licenses in key markets worldwide, such as Hong Kong, South Korea, Singapore, and Europe.
