Elon Musk-led company X (formerly Twitter) has successfully secured the necessary authorization to function as a payment hub in the United States. This follows Grayscale’s victory on August 29 over the US Securities and Exchange Commission and the social network’s January 2022 approval of the use of NFTs as profile images. X has obtained a Currency Transmitter License (CTL) on August 28th from the state of Rhode Island.A CTL is typically required by companies that provide services such as cryptocurrency exchanges, digital wallet providers, and payment processors. It ensures that these businesses comply with relevant regulations and adhere to anti-money laundering (AML) and know-your-customer (KYC) procedures to prevent illicit financial activities. This official approval empowers Twitter to deliver an array of services tightly connected to virtual assets.Elon Musk started getting interested in cryptocurrencies like Bitcoin and Dogecoin around 2021, and he showed his support for them on Twitter. After he bought Twitter, he’s been trying to make the platform into a place where you can do a lot of different money-related things, and part of that is adding cryptocurrencies to the mix. Tesla, Musk’s biggest company, is said to own around 10,725 Bitcoin as part of its assets.The Rhode Island license is more than simply a legal requirement from the state; it’s a tactical decision that fits in with Elon Musk and Twitter-X’s overarching goals. Given the regulatory scrutiny that usually follows such projects, the approval may also serve as a template for other social media organizations thinking about entering the crypto market.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	8
People	Phoenix Arizona, Elon Musk, Dogecoin, Shiba-Inu, Joe Biden
Companies	Tesla, Nationwide Multistate Licensing System (NMLS), US Securities and Exchange Commission, Grayscale, Twitter
Currencies	Dogecoin, NFT Stars, US Dollar, Ethereum, Bitcoin
Securities	None