State bank regulators agreed to conduct a single annual regulatory examination for payments and cryptocurrency companies that are licensed in at least 40 states.
The streamlined exam process announced Tuesday by the Conference of State Bank Supervisors will start next year. The exam applies to 78 of the largest money transmitters, like Western Union Inc. and PayPal Inc., as well as cryptocurrency exchanges like Coinbase Inc. Together, those companies moved more than $1 trillion in customer funds in 2019.
The move to consolidate state oversight is seen as a response to the Office of the Comptroller of the Currency’s invitation ...
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