U.S. State Bank Regulators to settle on Single Set of Rules for Fintech, Crypto Firm Licensing
Tyler Smith – Crypto Investor
Regulators in 49 U.S. states, Washington, D.C., and Puerto Rico, aim to improve enforcement for cryptocurrency firms by consolidating supervisory examinations, as reported by Coindesk.
Reuters has been confirmed by the Conference of State Bank Supervisors (CSBS), a coordinating body of state regulators, to create the same rules and standards for Money service businesses (MSB) in 48 states.
Instead of regulating each individual, it will make compliance easier for State-licensed money transmitters such as Western Union, PayPal, and cryptocurrency companies where consumers buy and sell Bitcoin and sell and buy altcoins. After 48 state regulators have agreed to a set of single supervisory rules to cut compliance costs, it will become easier for them to expand throughout the United States and the world.
“The new approach is just as robust but more efficient," said John Ryan, President, and CEO of the Conference of State Bank Supervisors (CSBS). States will be able to share information from examinations and, if they wish, each State reserves the right to initiate independent exams.
One State will lead a group of 49 regulatory bodies to assess each entity. The new simplified framework applies to 78 large payment companies and crypto-monetary companies, which combined move over $1 trillion a year. The CSBS told Reuters it is intended to simplify the operation of companies in multiple states.
In recent years, state regulators have worked together to counter businesses' concerns that the State-by-State supervisory system is outdated and unnecessarily burdensome. Cryptocurrency and fintech companies, which generally must be state-licensed, have been especially vocal about the issue. On Tuesday, the Conference of Supervisors of State Banks (CSBS) will present a new regulatory regime for money service businesses that will undergo a single examination, instead of dozens of individual State examinations by a collaborative group of state regulator licensing.
To Buy and Sell cryptocurrency, head over to BC Bitcoin and start your crypto journey today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards