X (Twitter) has just obtained a licence from Rhode Island to offer a wide range of cryptocurrency-related services. What is the purpose of this licence, which is aimed in particular at cryptocurrency exchanges and companies offering digital wallets?
X soon to be officially launched in crypto?
X, formerly Twitter, has just obtained a licence in Rhode Island to conduct cryptocurrency-related activities. As neither X nor Elon Musk have said anything on the subject, the platform’s precise plans remain rather vague.
We also don’t yet know whether X’s licence will allow it to offer cryptocurrency services exclusively in Rhode Island or in all 50 US states.
According to the Rhode Island government’s documentation, this licence is necessary for any company wishing to offer both traditional money transfers (such as Western Union) and electronic money transfers (such as PayPal) or to hold funds for customers, but also to “maintain control of virtual currency or virtual currency transactions on behalf of others”.
This also includes cryptocurrency wallet services and crypto exchanges.
What are Elon Musk’s real intentions? It’s still hard to say, but it’s worth noting that it is now possible to make donations in Bitcoin (BTC) on the platform, so X is showing itself to be rather welcoming to this form of exchange.