US State Bank Supervisors Issue Model Regulation for Digital Currencies
The Conference of State Bank Supervisors (CSBS) has released a draft proposal for regulating digital currency businesses. The membership group, which represents bank regulators from US state agencies but does not play a direct role in how states craft new financial rules, outlined a number of areas in which it believes companies that work with digital currencies should be supervised, including approaches to consumer protection, licensing and security. Overall, the framework echoes elements of the New York State Department of Financial Services' (NYDFS) BitLicense proposal. The draft....
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The US Conference of State Bank Supervisors (CSBS) has released the final version of its model regulatory framework for digital currencies. The organization, comprised of representatives from state-level banking regulatory bodies, released an initial draft version of its proposed digital currency regulations in December. The draft drew from comments made during a subsequent two-month comment period in which both the digital currency ecosystem as well as financial incumbents were able to weigh in on the proposal. While the framework is only a recommendation - state bank regulators can use....
The Conference of State Bank Supervisors (CSBS) released their "Policy on State Virtual Currency Regulation" earlier today. The CSBS does not have a direct say in each states' financial laws; however, the CSBS stands as the only coalition of state bank regulators in the country and has considerable clout and influence on state banks. One of the stated goals of the CSBS is to preserve the United States dual banking system. The proposed CSBS regulatory framework resembles the BitLicense regulatory framework already being attempted by the NYDFS. The CSBS is accepting comments for the next 60....
The Chairman of the US Senate's Homeland Security & Governmental Affairs Committee (HSGAC) which investigated digital currencies in November has responded positively to the creation of a new state bankers' task force to perform its own study into what sort of regulation is necessary. The new "Emerging Payments Task Force" comes from the Conference of State Bank Supervisors (CSBS), a national meeting group of regulators from all states "dedicated to advancing the state banking system" in the US at a federal level. It aims to study the impacts and potential consumer protection issues arising....
The Conference of State Bank Supervisors (CSBS) released its model framework for states to use in designing regulations and made it clear it wants to see state governments take a proactive and rigorous approach to licensing and supervising "virtual currencies" businesses. The Conference report said:"... CSBS concluded that activities involving third-party control of virtual currency, including for the purposes of transmitting, exchanging, holding, or otherwise controlling virtual currency, should be subject to state licensure and supervision." Coin Center, a Washington based-advocacy group....
Regulatory attitudes towards cryptocurrencies around the world are shifting. Hardly a day goes by without a central bank issuing a warning on the digital currency or new tax guidelines. However, it's not all bad news - as some authorities are taking a far more positive approach. In CoinDesk's regulation roundup, Certified Public Accountant and ACFE Certified Fraud Examiner Jason Tyra examines the most significant digital currency news from the world's regulators and law courts over the past two weeks. USA. Banking Supervisors Form Task Force To Study Bitcoin. The Conference of State....