US eases licensing for crypto and fintech firms

The Conference of State Bank Supervisors (CSBS) announced a new simplified regulatory regime for financial-services firms, including crypto and fintech companies. Reuters reports.

Under the new rules, companies will only have to undergo one unified assessment to obtain a license, instead of individual checks in each state.

It will be conducted by a group of experts. Each state, however, reserves the right to conduct its own independent checks.

The new regime will apply to 78 major payment and crypto companies. It will operate in 48 states.

Under the 2020 draft declaration, US citizens who have conducted any cryptocurrency transactions must report this immediately after completing the identification data on the first page of the declaration.

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