X (formerly Twitter) obtains a currency transmission license and is a step closer to encrypted payments

Author: Tom Mitchelhill, Cointelegraph; Compiler: Songxue, Jinse Finance

**Rhode Island regulators have granted X (Twitter) a money-transmitting license, marking another step forward for the company’s push into financial services. **

A license is legally required for companies that conduct financial activities on behalf of users related to sending and receiving funds — a definition that includes both fiat and crypto assets. ** **This approval will allow X to host, transfer and exchange digital currencies. **

X’s Rhode Island money transmitter license was approved on Aug. 28, according to the National Multistate Licensing System (NMLS).

X owns a total of seven currency and currency sending licenses. Source: NMLS

**The move marks an important step in Elon Musk’s push to make X an “app for everything,” which includes cryptocurrencies and fiat payments. **

While sources say X’s upcoming payments feature will initially only offer support for fiat currencies, **Reportedly, Musk has instructed X’s developers to build the platform’s payments system so that encryption can be added in the future. **

The approval comes nearly two months after X received money transmitting licenses in Michigan, Missouri and New Hampshire, which were all approved on July 5. It is licensed in a total of 7 states in the United States.

It’s unclear what financial products X will offer when it launches its payments feature.

People familiar with the company’s plans said **X will initially offer fiat currency trading services similar to PayPal, which Musk co-founded, with room for future crypto integration. **