Rhode Island’s regulators are expected to have granted X (Twitter) a currency transmitter license, which might be a step forward for the company’s entry into the financial services sector, stated Cointelegraph.
Sources revealed that the license is legally needed for companies doing financial activities on behalf of users related to sending and receiving money, which includes both fiat and crypto assets. The approval is expected to enable X to custody, transfer and exchange digital currencies, Cointelegraph added.
According to the Nationwide Multi-State Licensing System (NMLS), X’s Rhode Island Currency Transmitter License is believed to have been approved on August 28, 2023.
Furthermore, it is believed that this is a step taken by Elon Musk to push X to become an “everything app” that would include crypto and fiat payments, Cointelegraph concluded.
(With insights from Cointelegraph)
