Alchemy Pay Bolsters Hong Kong's Crypto Infrastructure with Enhanced Virtual Card Services - Blockchain.News

Alchemy Pay Bolsters Hong Kong's Crypto Infrastructure with Enhanced Virtual Card Services

Alchemy Pay enhances Hong Kong's crypto infrastructure by adding new BINs for its Crypto Virtual Card, aligning with the region's evolving regulatory landscape and advancing global crypto payment solutions.

  • Jan 10, 2024 09:22
Alchemy Pay Bolsters Hong Kong's Crypto Infrastructure with Enhanced Virtual Card Services

Alchemy Pay, a leading fiat-to-crypto payment gateway, has recently expanded its virtual card services in Hong Kong by adding new card Bank Identification Numbers (BINs) for its Crypto Virtual Card, according to official website. This strategic move, marked by the addition of the BIN number "515783", is set to significantly enhance the utility and acceptance of the card across various platforms like ChatGPT Plus, Aliexpress, Netflix, Twitter, Facebook, Apple Store, and Google Pay.

The implementation of new BINs is a critical development in the crypto payment sector, as these numbers, which constitute the first 6 to 8 digits of a card number, are instrumental in the financial ecosystem. They provide vital information about the card’s network, type (debit or credit), and the issuing bank or financial entity, thus enabling a broader range of payment scenarios and aiming to improve transaction success rates.

Alchemy Pay's initiative aligns with Hong Kong's progressive stance on cryptocurrencies. Following the review of policies for intermediaries involved in virtual asset activities by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority on December 22, the region has shown readiness to integrate traditional finance funds into the crypto sector. Alchemy Pay is actively seeking a Money Service Operator (MSO) license and Virtual Asset Service Provider (VASP) in Hong Kong, indicating its commitment to compliance and regulatory adherence.

Partnering with ZD Group, Alchemy Pay has shared essential Financial Services Licenses required for financial investment activities in Hong Kong. The firm has been at the forefront of promoting cryptocurrency awareness in the region, notably through its public service announcement campaign during the Web3 Blockchain Week.

Furthermore, Alchemy Pay has integrated with major exchanges like OKX and Bitget, offering Hong Kong users secure and compliant trading options. The introduction of the new card BIN is a step towards simplifying crypto transactions and solidifying Alchemy Pay’s position as a leader in the crypto payment gateway sector.

Hong Kong’s evolving regulatory landscape, with guidelines issued in October 2022 and the processing of license requests for crypto trading platforms, indicates the region's ambition to become a global crypto hub. By leveraging these policy advancements, Alchemy Pay continues to innovate and adapt its services, catering to the growing demand for accessible and user-friendly crypto payment solutions.

Founded in Singapore in 2017, Alchemy Pay supports payments in 173 countries with solutions like On & Off-Ramp, NFT Checkout, and Crypto Card. The firm's recent expansion in Hong Kong exemplifies its commitment to the global advancement of the crypto payment industry.

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