Regulators in Rhode Island have officially granted a currency transmitter license to X, previously known as Twitter. The revelation is according to information disclosed on the Nationwide Multistate Licensing System (NMLS) dated August 28.
The move marks a significant stride in the company’s expansion into the financial services sector, specifically in the realm of digital assets.
X (Twitter) can now conduct crypto activities
A currency transmitter license is a legal requirement for companies wishing to conduct any activities related to cryptocurrencies on behalf of their users. The license permits X to store, transfer, and exchange digital currencies. It also allows it to offer a comprehensive range of services related to crypto assets.
Rhode Island’s granting of this license adds X to a list of entities such as cryptocurrency exchanges, digital wallets, and payment processors, all of which are now legally allowed to maintain control of virtual currency transactions on behalf of others. It’s worth noting that this license is specific to Rhode Island, one of the 50 US states.
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On July 23, Twitter’s owner, Elon Musk, announced a rebranding of the company’s logo to “X.” He stated that the Twitter brand and its bird icon would be phased out gradually. The platform officially transitioned to the new logo a day later. This move also sets Musk and his vision of making X into an everything app on the right track.