A corporation of state regulators within the U.S. has introduced a brand new streamlined course of for cash transmitter licensing that may save crypto corporations from getting separate licenses in 40 states.
The Sept. 15 announcement from the Convention of State Financial institution Supervisors (CSBS) has set out parameters for state licensing that may contain a single examination administered by examiners from throughout the nation.
The ensuing license will permit holders to function in all however 10 states within the U.S. The CSBS has but to reply to Cointelegraph’s request to specify which is not going to be included, however the doubtless candidates are the most important markets with historically extra intensive regulation, particularly New York and California.
The CSBS hopes that below the brand new system “regulators will achieve extra perception whereas additionally releasing up state assets.” The modifications will take impact in 2021.
This story is creating and will likely be topic to updates.