The Conference of State Bank Supervisors plan to unveil a new regulatory regime for money service businesses, which will include a single exam by a joint group of state regulators of licensing, rather than multiple state exams. This will impact 78 large payment and cryptocurrency firms, according to a report by Yahoo Finance.
The goal of this change is to make it easier for companies to operate across multiple states. It will also help reduce the burden on individual states to license individual companies.
“The states aren’t giving up authority,” John Ryan, president and CEO, CSBS, said in the report. “They’re realizing efficiencies by sharing information.”
Credit: Source link