Alchemy Pay, the world-leading fiat-crypto payment solutions provider, announced today that it has secured a Money Transmitter License (MTL) in Michigan, extending its regulated U.S. footprint to 19 states. The latest approval marks another step in Alchemy Pay’s ongoing effort to establish compliant payment infrastructure across major U.S. economic regions and strengthen its ability to serve the growing demand for seamless connections between fiat and digital assets.
The Michigan Money Transmitter License is required for businesses that receive, transmit, or issue payment instruments within the state, encompassing a range of financial technology and payment activities, including digital wallets, cross-border remittance services, payment processing, and crypto-related businesses. License status can be verified through the Nationwide Multistate Licensing System (NMLS) Consumer Access portal by searching “Alchemy Pay.”
Michigan is a strategically important addition to Alchemy Pay’s U.S. regulatory network. As one of the country’s major economic and industrial centers, the state has a substantial business and consumer economy and plays a central role in the wider Great Lakes and Midwest economic corridor. Michigan’s established industrial base, evolving technology ecosystem, and position within a highly connected regional economy make it an important market as digital payment infrastructure continues to develop across the United States.
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As frameworks governing crypto payments and stablecoins continue to take shape across major markets, Alchemy Pay is focused on developing compliant infrastructure that can support the convergence of traditional finance and blockchain-based financial services. The Michigan license further strengthens Alchemy Pay’s ability to facilitate compliant fiat-to-crypto and crypto-to-fiat transactions while supporting the expansion of its payment services and market reach. It also contributes to the regulatory foundation for the company’s longer-term stablecoin strategy and the development of Alchemy Chain, its next-generation blockchain infrastructure focused on stablecoin-based payments and settlement.
Alchemy Chain is designed to connect blockchain settlement with real-world payment infrastructure through a compliant and scalable architecture. The initiative aims to support stablecoins as an efficient settlement layer for enterprises, financial institutions, merchants, and emerging AI-driven economic systems, while aligning its infrastructure with evolving regulatory frameworks in key global markets.
The Michigan approval adds to a series of regulatory milestones Alchemy Pay has achieved across global markets over the past year. In addition to its growing U.S. licensing portfolio, the company has secured Digital Currency Exchange Provider (DCEP) registration in Australia, Electronic Financial Business registration in South Korea, and admission to Switzerland’s Association for Quality Assurance of Financial Services (VQF) as a recognised Self-Regulatory Organisation (SRO). Alchemy Pay has also strengthened its presence in Hong Kong through its investment in SFC-licensed HTF Securities Limited, supporting access to regulated virtual asset activities under Hong Kong’s evolving regulatory framework.
Together, these developments reflect Alchemy Pay’s continued investment in regulatory compliance as a core component of its global payment strategy. With Michigan now added to its regulatory network, Alchemy Pay holds Money Transmitter Licenses in 19 U.S. states, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, Arizona, South Carolina, Kansas, West Virginia, South Dakota, Nebraska, Delaware, Rhode Island, Maine, and Illinois. The company is continuing to pursue additional regulatory approvals, with applications under review across multiple jurisdictions.
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