US-based money services businesses, including cryptocurrency companies, will soon be able to enjoy trimmed down regulatory processes. The Conference of State Bank Supervisors (CSBS) reportedly plans to unveil a new joint group of state regulators that will oversee all licensing.
According to the Reuters report, the CSBS will unveil the new plans today after 48 state regulators had agreed to introduce a single set of supervisory rules. Until now, payment services and cryptocurrency companies had to comply with dozens of individual state regulations.
The new simplified format will apply to 78 such firms. A CSBS spokesman told Reuters that they move over $1 trillion annually combined. The implementation of the joint group of state regulations will facilitate operations across multiple states.
CSBS’s CEO and President John Ryan believes that the new initiative will provide further opportunities for businesses operating in the US to enhance their services. At the same time, it will work just as safely as the old regime. He added that the “states aren’t giving up authority. They are realizing efficiencies by sharing information.”
However, Ryan asserted that while the states will indeed share information from the exams, each state will reserve the right to launch an independent examination if regulators deem necessary.