Social media platform X (Twitter) has received a license for crypto payments and trading in the United States. Rhode Island money transmitter license has been approved, according to data submitted to NMLS.
This license is required to provide services related to virtual assets on behalf of users. It will also allow the social media platform to store, transfer and exchange digital assets for its huge user base.
X (Twitter) received a license for crypto payments and trading in the US
A Rhode Island license provides access to control virtual currency and its transactions on behalf of others. This license holder includes various cryptocurrency related service providers such as crypto exchanges, wallets and payment processors.
Since Elon Musk came to power, the social media platform has been undergoing huge changes. Musk said he wants to make Twitter "the app for everything."
Partnerships, corporations and most LLCs OR sole proprietors with employees are required to register for an EIN. Some activities require a Rhode Island business license.
Businesses that conduct retail sales and provide certain services must register for a sales tax permit with the Rhode Island Department of Revenue by completing a Business Application Form (BAR Form).
Rhode Island's income tax was considered one of the highest at 25%. Because the high tax rate was reducing the number of people willing to register a company in Rhode Island, the government decided to reduce the tax rate to increase the competitiveness of the business environment in the jurisdiction.
Rhode Island's corporate laws are user-friendly and are often adopted by other states as the standard for testing corporate laws. As a result, Rhode Island corporate law is familiar to many lawyers both in the United States and abroad. Rhode Island has a common law system.
The filing system in Rhode Island is very standard and can be completed in minutes, which attracts many companies. $DOGE 🚀🌖🤔
