Convenience stores become currency exchange! Payment service Alchemy Pay offers cash-to-crypto service at Taiwan convenience stores. Is Alchemy Pay a VASP in Taiwan?

Payment service provider Alchemy Pay has introduced a new deposit feature for its services, allowing users in Taiwan to conveniently purchase cryptocurrency assets with cash at local convenience stores. However, does Alchemy Pay's convenience service comply with Taiwan's regulations for VASPs (Virtual Asset Service Providers)?

Alchemy Pay Strong Promotion: Buy Coins at Taiwan Convenience Stores!

Alchemy Pay's latest announcement states that users in Taiwan can purchase cryptocurrencies with cash in mainstream convenience stores such as 7-Eleven, FamilyMart, OK Mart, and Hi-Life. This service simplifies the purchasing process for users who cannot use online banking or credit card services and adjusts the payment methods to cater to the preferences of local users.

Alchemy Pay Emphasizes: Adapting to Taiwan's Convenience Store Culture for Ultra-Private Coin Purchases

Alchemy Pay notes that Taiwan has a wide network of convenience stores, with a purchase location always nearby. This means that users can now buy cryptocurrencies while running errands in their daily lives, without the need to visit a bank or use online payment methods. Paying with cash at trusted convenience stores adds an extra layer of security, as users do not need to share their bank details or credit card information.

Alchemy Pay's Cash Purchase of Cryptocurrency Process

Alchemy Pay explains how users can buy coins through Taiwan's convenience stores:

Step 1: Select New Taiwan Dollar and Your Cryptocurrency
Visit Alchemy Pay's payment platform. Choose the New Taiwan Dollar as the fiat currency, and then select the cryptocurrency you wish to purchase.

Step 2: Choose Cash Payment
Select the cash payment option and obtain your offline payment ID number.

Step 3: Make Offline Payment
Go to the convenience store, enter your payment ID number on the ibon payment machine to get a receipt, and then pay for your order in cash at the counter.

Step 4: Receive Your Cryptocurrency
After completing the payment, you will receive confirmation on the payment platform and the purchased cryptocurrency will be transferred to your wallet.

Alchemy Pay Expands the Web3 Landscape for Beginners

Alchemy Pay currently supports 173 countries globally, over 300 payment channels, and more than 50 fiat currencies, with a focus on emerging markets in Southeast Asia, South America, and Africa. The company aims to lower the barriers to entry into Web3 in more regions and plans to expand its coverage to all countries where cryptocurrencies can be used this year. Additionally, Alchemy Pay will introduce more local payment options in the countries it already serves.

Is Alchemy Pay a VASP in Taiwan?

Despite Taiwan issuing guidelines for Virtual Asset Service Providers (VASPs) and having industry self-regulation, Alchemy Pay, which offers cash-to-coin services, is not listed as a VASP anti-money laundering (AML) statement operator in Taiwan. This company registered in Lithuania, although it requires KYC from customers, may have run afoul of Taiwan's relevant regulations.

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