Rhode Island’s regulators have granted X (Twitter) a currency transmitter license, marking a step forward for the company’s foray into the financial services sector. The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.
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Elon Musk’s X moves closer to crypto payments with new state license
People familiar with the company’s plans have indicated X will initially offer fiat currency transaction services similar to PayPal — which Musk co-founded — with room for future crypto integration.
