Polygon gains US payments licenses after closing Coinme deal

Polygon has gained access to U.S. payments-related regulatory permissions after closing its deal with Coinme, according to Cointelegraph. The transaction gives Polygon access to 37 money transmitter licenses and 11 state exemptions.

Money transmitter licenses are state-level permissions generally required for businesses that move money or certain forms of value on behalf of customers. State exemptions can provide alternative regulatory treatment in jurisdictions where a full money transmitter license may not be required for a particular activity.

Polygon is a blockchain ecosystem associated with scaling and expanding activity connected to Ethereum. Access to payments licensing infrastructure could be relevant for blockchain-based payment products, where companies may need to navigate differing rules across U.S. states.

The U.S. payments and digital-asset regulatory landscape is fragmented, with requirements often varying by state. The Coinme deal provides Polygon with a set of existing licenses and exemptions rather than requiring it to seek each of those permissions independently.