The Singaporean crypto-fiat payment gateway, Alchemy Pay, announced a further expansion into the United States market on Nov. 23 with the acquisition of its money services license in the state of Iowa.
According to local state regulations, any entity or individual engaged in currency exchange or money transmission business in Iowa must hold the license.
In September, the company received its money transmitter license (MTL) in Arkansas. The company says it has already completed the application for MTL licenses in additional U.S. states and anticipates answers in the coming months.
Alchemy Pay ecosystem lead Robert McCracken spoke to Cointelegraph about the development, saying that in the U.S. crypto landscape, Alchemy is focused on compliance with the currency regulatory framework.
“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”
McCracken said he believes the crypto payment industry has “immense potential” and could be a “leading sector in the future.” Alchemy Pay is already working in 173 countries via payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.
The Alchemy Pay exec said that it will be actively seeking licenses and adhering to compliance requirements as operations continue to expand. McCracken called this path “more challenging but ultimately correct.”
“[…] building core competitiveness and upholding the highest standards of compliance are essential for the long-term success of the crypto payment industry.”
According to its announcement, Alchemy Pay is also working on license applications in the United Kingdom and Hong Kong.
Jess Phillips has said “there is no place” where violence against women and girls “doesn’t happen” – as a new law is set to make spiking a criminal offence.
Earlier on Friday, the government said spiking will now be its own offence with a possible 10-year prison sentence as part of the Crime and Policing Bill, which will be introduced in parliament next week.
It also announced a nationwide training programme to help workers spot and prevent attacks.
Speaking to Sky News correspondent Ashna Hurynag, the safeguarding minister said that while spiking is already illegal under existing laws, the new classification will simplify reporting the act for victims.
“Spiking is illegal – that isn’t in question, but what victims and campaigners who have tried to use the legislation as it currently is have told us is that it’s unclear,” Ms Phillipssaid.
Image: Spiking will be made a criminal offence, carrying a sentence of up to 10 years. Pic: iStock
UK ‘was never safe’ for women
When asked if the UK is becoming a less safe place for women, the minister for safeguarding and violence against women and girls, said: “I don’t think it’s becoming less safe, if I’m being honest. I think it was never safe.”
Speaking about a rise in coverage, Ms Phillips said: “We have a real opportunity to use that, the sense of feeling [built by campaigners] in the country, to really push forward political change in this space.”
“The reality is that it doesn’t matter whether it’s the House of Commons or any pub in your local high street – there is no place where violence against women and girls doesn’t happen, I’m afraid,” she added.
Spiking is when someone is given drugs or alcohol without them knowing or consenting, either by someone putting something in their drink or using a needle.
Police in England and Wales received 6,732 reports of spiking in the year up to April 2023 – with 957 of those relating to needle spiking.
London’s Metropolitan Police added that reports of spiking had increased by 13% in 2023, with 1,383 allegations.
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November 2024: If you got spiked would you report it?
As part of the nationwide training programme, a £250,000 government-funded scheme was started last week to teach staff how to spot warning signs of spiking crimes, prevent incidents and gather evidence.
It aims to train 10,000 staff at pubs, clubs and bars for free by April this year.
Alex Davies-Jones, minister for victims and violence against women and girls, said in a statement that “no one should feel afraid to go out at night” or “have to take extreme precautions to keep themselves safe when they do”.
“To perpetrators, my message is clear: spiking is vile and illegal and we will stop you,” he said. “To victims or those at risk, we want you to know: the law is on your side. Come forward and help us catch these criminals.”
Colin Mackie, founder of Spike Aware UK, also said the charity is “delighted with the steps being taken by the government to combat spiking”.
He added: “Spiking can happen anywhere, but these new initiatives are the first steps to making it socially unacceptable and we urge anyone that suspects or sees it happening, not to remain silent.”