In a landmark decision by Rhode Island regulators, X, formerly known as Twitter, has received a currency transmitter license. This was confirmed by the Nationwide Multistate Licensing System (NMLS) on August 28.

This pivotal move is a significant indicator of the social media giant’s intent to become a formidable player in the financial services sector, focusing particularly on cryptocurrencies.

A Gateway to Crypto Activities

The currency transmitter license is a regulatory green light for X to engage in cryptocurrency-related activities. Indeed, it permits the company to store, transfer, and exchange cryptocurrencies on behalf of its users.

This license is a crucial step, enabling X to offer a full suite of services related to crypto assets. Therefore, it further diversifies X’s portfolio and revenue streams, increasing its presence worldwide.

For those unfamiliar with the term, a currency transmitter license is a mandatory regulatory

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Author: Bary Rahma

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