X Obtains Rhode Island Currency Transfer License
Date: 2023-08-29 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
London X, formerly known as Twitter, has stepped up to its core mission of integrating cryptocurrencies into its services and has secured a currency transfer license for Rhode Island.
It is an important milestone on the road to X's supposed transformation into an all-encompassing "app for everything" like China's WeChat. Under CEO Elon Musk, the platform has made great strides in obtaining the necessary money transfer licenses across multiple states.
Collecting licenses
Persons who manage digital currency or transactions on behalf of users (including cryptocurrency wallets), exchanges and payment systems must obtain a license to conduct currency transfers. This requirement is formulated by the Rhode Island Business Regulation Department, represented by William Murphy.
X, in addition to state-level licenses and the Treasury Department's Financial Crime Enforcement Network (FinCEN), also registered for the payment processing platform last November.
Although X has not made any official announcements as to which cryptocurrencies will be integrated first, Musk's frequent tweets about Dogecoin (DOGE) have sparked speculation about the possibility of an early addition of a meme coin to the platform. X's work reflects a broader trend in the social media industry towards the integration of digital payments.
X has been systematically working on its payment infrastructure for a number of months now. FinCEN's expected Monetary Service License (MSB) is November 2022, the company's goal was to be a leader in all US states and territories. While X has not officially launched any payment services, this latest acquisition of a Rhode Island currency transfer license is a milestone in its ambitious plan to build a comprehensive digital platform.
