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Musk's X Platform Nears Approval for Payment Licenses in New York and California
Elon Musk announced that X could soon receive approval for a money transmitter license in New York, bringing the platform closer to offering payment features. Musk also stated that X could obtain its license in California within the next month or so. X will need money transmitter licenses in each state to offer services nationwide.
Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, announced on Wednesday that his social media platform, X, is on the verge of receiving approval for a money transmitter license in New York. This development brings X one step closer to offering payment features to its users. Musk also revealed that the platform could obtain its license in California within the next month or so, although New York's approval may still be a few months away.
Since acquiring the company formerly known as Twitter in 2022, Musk has been determined to transform it into an "everything app" akin to Tencent's WeChat in China. This ambitious vision includes expanding X's capabilities beyond social media, allowing users to send money to one another.
To provide its services nationwide, X will need to obtain a money transmitter license in each state. Musk has emphasized that securing approval in New York and California is of utmost importance due to their large populations and the consequential impact it would have on the platform's expansion. However, the approval processes in these states are known to be relatively lengthy.
While X awaits approval in New York and California, it has already been granted money transmitter licenses in other states such as Pennsylvania and Utah. These early approvals demonstrate X's commitment to complying with regulatory requirements and expanding its reach across the United States.
During the Morgan Stanley technology, media, and telecom conference, Musk also discussed potential changes to X's user interface. He revealed that the platform is considering removing the visibility of likes and reposts on each post. Musk believes that this adjustment would reduce visual clutter and enhance the user experience on X.
As X continues to evolve and diversify its offerings, the anticipation for its payment features grows. With the potential approval of money transmitter licenses in New York and California, X is poised to revolutionize the way users interact and transact on social media platforms.
Elon Musk announced that X could soon receive approval for a money transmitter license in New York, bringing the platform closer to offering payment features.
Musk also stated that X could obtain its license in California within the next month or so.
X will need money transmitter licenses in each state to offer services nationwide.
Source: REUTERS