Alchemy Pay gains AUSTRAC registration for crypto services in Australia

Key Points

  • Alchemy Pay has registered with AUSTRAC as a digital currency exchange provider in Australia.
  • The registration allows Alchemy Pay to offer fiat-to-crypto payment services while adhering to AML and CTF regulations.
  • The company aims to build local payment facilitator relationships to enhance crypto exchange services for Australian users.
  • This move is part of Alchemy Pay's broader strategy to secure 20 regulatory licences globally.

Summary

Alchemy Pay, a Singapore-based crypto payments solutions provider, has successfully registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency exchange provider. This registration enables Alchemy Pay to legally offer fiat-to-crypto payment services in Australia, complying with the country's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The company's Chief Marketing Officer, Ailona Tsik, emphasized their commitment to creating a compliant infrastructure that bridges traditional finance with the decentralized crypto economy. This strategic move not only strengthens Alchemy Pay's presence in the Australian market but also aligns it with other major players like Kraken under similar regulatory frameworks. The registration is part of a larger plan to secure 20 regulatory licences worldwide, with Alchemy Pay already holding licences in Canada and several US states, and actively pursuing further licences in regions like Hong Kong, South Korea, Singapore, and Europe. This expansion facilitates easier access for Australian users to the global crypto economy through local fiat payment methods.

yahoo
January 28, 2025
Crypto
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