- X Payments debuts without crypto, only securing a Money Transmitter License in Louisiana.
- Major firms like PayPal (NASDAQ:PYPL) and Coinbase (NASDAQ:COIN) comply with Virtual Currency License requirements, unlike X Payments.
- New York’s strict crypto license rules impact X Payments’ strategy, reflecting Musk’s regulatory concerns.
In the development of the digital payment industry, X Payments, a new venture by the social media platform X (formerly Twitter), is set to make its debut without cryptocurrency integration. Acquired and rebranded by billionaire entrepreneur Elon Musk, X Payments recently received a key Check Sales and Money Transmitters license in Louisiana.
However, the company’s absence of a Virtual Currency Business License, crucial for crypto asset transactions, signals a delay. This indicates that digital currencies like Dogecoin and others may not be embraced at its inception.
Notably, Louisiana and states like New York require firms engaging in crypto-related activities to obtain a specific Virtual Currency Business License. This requirement has been met by major players such as Robinhood, PayPal, Coinbase, and eToro.
Essential for operations involving virtual ass…
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