49 US States has laid out a unified regulatory requirements for crypto
The Conference of State Bank Supervisors (CSBS) announced today the launch of a state-initiated program whereby nationwide payments firms will undergo a single comprehensive exam to satisfy all state regulatory requirements. Known as MSB Networked Supervision, the initiative will apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than $1 trillion a year in customer funds.
Building on years of multistate coordination, this exam protocol will enable states to fine tune a risk-based approach to each company’s operations. When compliance issues arise, the states will be better positioned to follow up throughout the year.
The single exam will be led by one state overseeing a group of examiners sourced from across the country. By relying on experts across the state system — including in cyber security and anti-money laundering — regulators will gain more insight while also freeing up state resources.
https://www.csbs.org/regulators-announce-one-company-one-exam-for-payments-companiesWhat are your thoughts on this "MSB Networked Supervision"? Will it bring images to crypto or it's just one way to tighten things up again and track everything?
Well, if the AML regulations are not too harsh, I think that a centralized exam is a good thing because there's a higher chance it will be done professionally and that once the exchange is through with it, it can safely provide services throughout the US. It's better than passing different exams for each state, right? It's also good that the authorities allow exchanges to operate fully legally in this country because it's not a luxury everyone can get. If you're in exchange where Bitcoin is neither legal nor illegal, you might end up in huge trouble one day, whereas if there are regulations and you complied with it, it's way less likely to happen.