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Rhode Island\u2019s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company\u2019s foray into the financial services sector.\u00a0<\/p>\n
The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money \u2014 a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.\u00a0\u00a0<\/p>\n
X\u2019s Rhode Island Currency Transmitter License was approved on Aug. 28 according<\/a> to the Nationwide Multi-State Licensing System (NMLS).<\/p>\n The move marks an important step forward in Elon Musk\u2019s<\/a> push for X to become an \u201ceverything app\u201d \u2014 which would include crypto and fiat payments.<\/p>\n While sources have suggested that X’s upcoming payments feature will initially only offer support for fiat currencies, Musk has reportedly instructed developers<\/a> at X to build the platform\u2019s payments system in such a way that crypto functionality can be added in the future.\u00a0<\/p>\n The approval comes nearly two months after X secured<\/a> money transmitter licenses in Michigan, Missouri and New Hampshire which were all approved on July 5. X\u2019s latest license marks a total of seven American states it\u2019s secured transmitter licenses in.<\/p>\n Related: <\/em><\/strong>Elon Musk praises pro-crypto Republican presidential candidate<\/em><\/strong><\/a><\/p>\n It remains unclear exactly what financial offerings will be made available if and when X rolls out payment features.<\/p>\n