An organization of state regulators in the U.S. has announced a new streamlined process for money transmitter licensing that will save crypto firms from getting separate licenses in 40 states.
The Sept. 15 announcement from the Conference of State Bank Supervisors (CSBS) has set out parameters for state licensing that will involve a single exam administered by examiners from across the country.
The resulting license will allow holders to operate in all but 10 states in the U.S. The CSBS has yet to respond to Cointelegraph’s request to specify which will not be included, but the likely candidates are the largest markets with traditionally more intensive regulation, especially New York and California.
The CSBS hopes that under the new system “regulators will gain more insight while also freeing up state resources.” The changes will take effect in 2021.
This story is developing and will be subject to updates.