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Alchemy Pay, a frontrunner in the provision of crypto solutions, has announced another registration. As per Alchemy Pay, it has effectively registered with the Financial Transactions and Reports Analysis of Canada as a Money Services Business, expanding its presence in the North American region. The platform took to social media to reveal this exclusive registration.
Alchemy Pay Secures Registration in Canada, Moving Further to Expand Reach in North America
Alchemy Pay disclosed that its registration with the FINTRAC of Canada as an MSB contributes to progress in its expansion strategy for North America. The respective registration clarifies that the platform fully abides by the financial regulations in Canada. In addition to this, it also has the legal authorization to offer wide-ranged financial services. They include money transactions, currency exchange, and operations dealing with virtual currencies.
This registration permits Alchemy Pay to let Canadian consumers securely and easily purchase digital assets. Additionally, they can transact funds, complete transfers, as well as convert cryptocurrency holdings into fiat currency for direct bank deposits. This simplifies the offramping and onramping operations to benefit the users. Alchemy Pay’s CMO Ailona Tsik said that the MSB registration enables the provision of seamless and secure access to crypto world while maintaining compliance.
Canadian Authorization as MSB Entity Reaffirms Dedication to Transparency and Security
As an authorized MSB platform, Alchemy Pay upholds top compliance standards including the anti-terrorist financing and anti-money laundering regulations. This includes stringent record-keeping and reporting requirements along with taking into account user due diligence. Moreover, reporting of malicious transfers and preserving meticulous transfer records are also a part of this process. The license mirrors Alchemy Pay’s devotion to security and transparency, guaranteeing that users in Canada can confidently carry out crypto services.
According to Alchemy Pay, as the platform keeps driving its expansion across North America, the latest registration denotes a milestone achievement. Apart from that, the company has also obtained 4 more MTLs in Wyoming, Oregon, Oklahoma, and Minnesota. Furthermore, the platform has seen successful acquisitions in New Mexico, New Hampshire, Iowa, and Arkansas. While endeavoring to expedite worldwide growth, Alchemy Pay is also waiting for licenses in key regions like Europe, Singapore, South Korea, Australia, and Hong Kong.