This license is required for companies that engage in financial activities related to sending and receiving money, including both fiat and crypto assets. With this approval, X can now custody, transfer, and exchange digital currencies.
X’s Rhode Island Currency Transmitter License was approved on August 28, according to the Nationwide Multi-State Licensing System (NMLS).
This move signifies a significant step forward in Elon Musk’s vision for X to become an “everything app,” including crypto and fiat payments.
Sources indicate that X’s upcoming payments feature will initially support fiat currencies, but Musk has instructed developers to design the platform’s payment system in a way that enables future crypto functionality.
This approval comes nearly two months after X obtained money transmitter licenses in Michigan, Missouri, and New Hampshire on July 5. X now has a total of seven transmitter licenses in different US states.
It is still unclear what financial offerings will be available when X introduces payment features.
Insiders have suggested that X will initially offer fiat currency transaction services similar to PayPal (which Musk co-founded), with the potential for crypto integration in the future.
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