Elon Musk’s X moves closer to crypto payments with new state license

Elon Musk’s X moves closer to crypto payments with new state license

The license is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. The approval will allow for X to custody, transfer and exchange digital currencies.

X’s Rhode Island Currency Transmitter License was approved on Aug. 28 according to the Nationwide Multi-State Licensing System