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.
One Set of Rules for All US States
Regulators in 49 U.S. states have agreed to a single set of supervisory rules for money services businesses, including cryptocurrency service providers. State regulators supervise 79% of all U.S. banks.
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. The CSBS is the national organization of bank regulators from all 50 states, American Samoa, the District of Columbia, Guam, Puerto Rico, and U.S. Virgin Islands. The organization also operates the Nationwide Multistate Licensing System on behalf of state regulators.
A spokesperson for the CSBS told news.Bitcoin.com on Wednesday:
All states that regulate money transmitters