49 US States Unveil Unified Regulation for Cryptocurrency Firms
The Conference of State Bank Supervisors, representing regulators from all U.S. states and territories, has launched a new regulatory framework for payments and cryptocurrency companies. Regulators in 49 U.S. states have agreed to a single set of supervisory rules for money services businesses, including cryptocurrency service providers.
The new regulatory regime for money services businesses launched by the Conference of State Bank Supervisors (CSBS) on Tuesday will help companies expand across U.S. states and lower the compliance costs for regulators. Under the new framework, nationwide payments firms — including Western Union and Paypal — will undergo a single comprehensive exam by a joint group of state regulators to satisfy all state regulatory requirements, instead of having to pass dozens of individual state exams.
