Alchemy Pay Expands to Australia, Boosting Crypto Adoption

Alchemy Pay, a Singapore-based fintech company, has received registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC), enabling it to offer crypto payment services in Australia. This development comes as part of Alchemy Pay's global expansion strategy, aiming to bridge the gap between cryptocurrencies and traditional finance.

With this registration, Alchemy Pay can now provide its crypto payment services to Australian businesses, allowing them to accept cryptocurrencies as a form of payment. This move is expected to boost the adoption of cryptocurrencies in the Australian market, as businesses will have an easier time integrating crypto payments into their operations.

Alchemy Pay's CEO, John Tan, expressed his excitement about the company's expansion into Australia. He stated, "We are thrilled to receive AUSTRAC registration, which will enable us to offer our crypto payment services to Australian businesses. This is a significant step in our global expansion strategy, and we look forward to helping more businesses accept cryptocurrencies as a form of payment."

Alchemy Pay's registration with AUSTRAC follows a series of regulatory approvals the company has secured in recent years. In 2021, Alchemy Pay received approval from the Monetary Authority of Singapore to provide digital payment token services. The company has also secured partnerships with major payment providers, such as Visa and Mastercard, to facilitate crypto payments.

The Australian crypto market has been growing in recent years, with an increasing number of businesses and consumers adopting cryptocurrencies. According to a survey by Finder, an Australian financial comparison website, around 17% of Australians own cryptocurrencies, with Bitcoin being the most popular choice. Alchemy Pay's entry into the Australian market is expected to further boost the adoption of cryptocurrencies in the country.

Alchemy Pay's AUSTRAC registration comes at a time when the Australian government is taking steps to regulate the crypto industry. In December 2021, the Australian government announced plans to introduce new regulations for cryptocurrency exchanges, including a requirement for them to register with AUSTRAC. These regulations are expected to enhance the security and integrity of the Australian crypto market.

In conclusion, Alchemy Pay's registration with AUSTRAC is a significant development for the crypto industry in Australia. The company's crypto payment services will enable more Australian businesses to accept cryptocurrencies as a form of payment