49 US States has laid out a unified regulatory requirements for cryptocurrencies

rdbase

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The states are getting ready to regulate all cryptocurrencies. Embarrassed

With the announcement of Kraken being known as the first crypto bank with their licensing agreement just a few days ago...
https://www.nasdaq.com/articles/kraken-becomes-first-crypto-exchange-to-become-a-us-bank-2020-09-16
this was bound to happen sooner rather than later in the united states.

kryptqnick

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Quote from: TravelMug on September 17, 2020, 05:41:12 AM

49 US States has laid out a unified regulatory requirements for crypto

Quote

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-companies

What 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.

rexxarofmoknathal

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Tightening the regulation on crypto activities is something we saw coming anyway. The fact that this network is unified for most of the states is actually a good thing. And even if the scope is to get more transparency around the crypto transactions we must remember that if it is impeding way too much than one would have wised there are always ways around it.

fiulpro

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I believe we were getting tracked the moment KYC started , it's hard to find any wallet or even a good exchange platform trusted enough do need some of the documents enlisted by the government itself , all these documents are now connected digitally and stored such that in seconds a person can be tracked.

I do believe this won't be the last straw , many more regulations will come in the way. It's not just the US , but many countries , India is thinking of banning the cryptocurrencies again. The condition is worse in many other countries.

But the regulations are mostly for the benefit of the people not entirely negative. But now we do have options to secure our privacy , if government is taking a step forward , so are the people.

TravelMug

hero member

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Merit: 833

49 US States has laid out a unified regulatory requirements for crypto

Quote

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-companies

What 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?

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