Rhode Island regulators have granted X (Twitter (NYSE:TWTR)) a currency transmitter license, marking a step forward in the company's foray into the financial services sector.
The license is legally required for companies that carry out financial activities on behalf of users related to the sending and receiving of money, a definition that includes both fiduciary and cryptographic assets. The approval will allow X to guard, transfer and convert digital currencies.
The X Rhode Island Currency Transmitter License was approved on August 28, according to Nationwide's Multi-State Licensing System (NMLS).
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