A recent update concerning X Payments, the payment company set to be integrated into the rebranded social media platform now known as X following Elon Musk's acquisition, suggests that crypto payments may not be supported initially. X Payments has not yet sought the necessary licenses required to include virtual assets in its products.

Although X Payments recently obtained a Check Sales and Money Transmitters license for Louisiana, this state also mandates a Virtual Currency Business License for services involving cryptocurrencies. Key players such as Robinhood, PayPal, Coinbase, and eToro hold this operating license alongside the Money Transmitter license, which X Payments lacks at present.

The scenario is mirrored in New York, where companies must secure two separate licenses. The New York State Department of Financial Services has confirmed that X Payments has not applied for a virtual currency license.

Elon Musk previously noted that New York and California pose the greatest challenges for approval. While X Payments may have pursued Money Transmitter Licenses for New York, it seems they have not prioritized acquiring the virtual license, indicating that crypto support may not be immediate.

*Please note that this content does not constitute financial advice.