Elon Musk's X Has Licenses in Multiple U.S. States to Process Payments, Including Crypto

X, the Elon Musk-owned societal media level formerly called Twitter, has obtained payments licenses from respective U.S. states successful caller months – including a currency transmitter licence successful Rhode Island earlier this week.

While Musk has hinted astatine supporting crypto connected the level – adjacent concisely switching retired Twitter's vertebrate logo to dogecoin's canine before its rebranding to X past period – the licenses let for broader payments services to beryllium offered.

Musk has said that helium plans for X to grow beyond societal media posts, becoming an 'everything app,' and the wealth transmitter licenses obtained since June from Arizona, Maryland, Georgia, Michigan, Missouri and New Hampshire bespeak the tech billionaire whitethorn person plans to enactment outgo processing nationwide akin to Venmo oregon PayPal, a institution helium co-founded. The Rhode Island license, portion indispensable for permitting payments, is besides a request for offering crypto services.

"I deliberation a caller societal media institution is needed that is based connected a blockchain and includes payments," Musk said successful a substance message conscionable days earlier the bombshell connection to bargain Twitter for $43 cardinal backmost successful April 2022.

In an FAQ answering communal queries Rhode Island's Department of Business Regulation (DBR) specifies that firms requiring the support "include those transmitting wealth for its customers, including accepted ligament transfers (like Western Union) and physics transfers (like PayPal)."

The state's currency transmission licence is besides required for conducting crypto speech and custody business, with an objection for fintechs successful "very uncommon cases" wherever the steadfast "is registered arsenic a existent 'agent' of the Rhode Island licensed currency transmitter ... and wealth transmission is not the halfway profit-making concern of the fintech."

Though they surely unfastened the mode for offering crypto payments, the authorities licenses are not constricted oregon unsocial to that service. In New Hampshire, "'money transmission' means engaging successful the concern of selling oregon issuing outgo instruments oregon stored value, oregon receiving currency oregon monetary worth for transmission to different location." The authorities besides says "an head oregon exchanger that accepts and transmits a convertible virtual currency oregon buys oregon sells convertible virtual currency for immoderate crushed is simply a wealth transmitter nether national regulations ..."

Western Union and PayPal person the aforesaid authorities licenses arsenic X, and further ones successful enactment with the services they connection and the states they serve.