Cryptocurrency firms face new compliance rules
Good news for the crypto world comes from different countries. The next location is the USA. US bank regulators decide to set a simple set of rules for financial technology firms and cryptocurrency exchanges.
The Conference of State Bank Supervisors (CSBS), an organization that is an entity for financial regulators, a new regulation for the money service businesses will offer the same law for 48 states. The CSBS announced, “One company one exam” program for nationwide payment systems that they will undergo one thorough exam to meet with all requirements. This program offers a risk-based approach to the operations of the payment companies. Since financial stability is the main issue, if a breach of compliance happens, the states will monitor the actions.
Many business people have a positive attitude toward new rules. Rosemary Gallagher, Western Union associate general counsel said:
“Western Union was a proud participant in the CSBS’s successful one company, one exam pilot. We firmly believe that the impact of this new approach to multistate exams will be significant in terms of driving harmonization and streamlining of state supervision across the board.”
Making things smooth for crypto world
What does this rule offer for crypto payments? Firstly, it will ease the burden of regulations. Every state has different rules regarding payment systems. If the company wants to expand to other regions, then they have to comply with those rules, and it is hard for most companies. With making things easy, companies will spend less on papers and more on the development of their services. Secondly, if you think that standards will be lower, it is not. New compliance rules will improve the standards and will help companies become more reliable. In both ways, it will result in good for crypto firms.
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