Rhode Island regulators have given their green light to X’s (Twitter’s) application for a currency transmitter license, signifying a significant stride in the company’s expansion into the realm of financial services.
This license is mandatory for companies engaged in financial activities related to money transmission, encompassing both traditional fiat and cryptocurrency assets.
With this regulatory approval, X can now hold, transfer, and exchange digital currencies.
The official validation of X’s Rhode Island Currency Transmitter License took place on August 28, as confirmed by the Nationwide Multi-State Licensing System (NMLS). This development holds strategic importance in line with Elon Musk’s vision to transform X into an encompassing “everything app,” extending its functionality to include cryptocurrency and traditional payment solutions.
While initial reports hint that X’s forthcoming payment feature might focus on fiat currencies exclusively, Musk has purportedly instructed his development team to design the payment system to enable seamless integration of cryptocurrency capabilities down the line.
This recent approval follows X’s acquisition of money transmitter licenses in Michigan, Missouri, and New Hampshire, all granted on July 5.
With Rhode Island added to the list, X has successfully secured licenses across seven American states, setting the stage for potential future financial services, including both traditional and digital assets. As the company’s plans unfold, the exact nature of its financial offerings and potential crypto integration remains an intriguing aspect to watch.