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

Rhode Island regulators have approved X's application for a currency issuer license.

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Rhode Island regulators have granted X (Twitter) a currency issuer license, marking a step forward for the company's foray into the financial services sector.

The license is legally required for businesses 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 X to hold, transfer and exchange digital currencies.

X's Rhode Island currency issuer license was approved on August 28 under the National Multi-State Licensing System (NMLS).

X has a total of seven species of money and currency issuer licenses. Source: NMLS

The move marks an important step in Elon Musk's efforts to have X become an "app for everything", which would include crypto and fiat payments.

While sources have suggested that X's next payment feature will initially only offer support for fiat currencies, Musk reportedly asked X developers to build the platform's payment system in such a way that cryptography functionality may be added in the future.

The approval comes nearly two months after X secured money transfer licenses in Michigan, Missouri and New Hampshire, all of which have been approved...