US Simplifies Money Services Industry Regulatory System, Crypto Payment Industry to Benefit

The Conference of State Bank Supervisors (CSBS) will announce new regulatory rules for the money services industry on Tuesday local time. The new rules stipulate that a unified regulatory organization will assess qualifications for money services practitioners, rather than each state conducting separate assessments. The simplified system applies to 78 large payment and cryptocurrency companies, with combined annual transaction volumes exceeding 1 trillion dollars. CSBS stated that the purpose of the new rules is to facilitate companies' operations across different states.