The organization, comprised of representatives from state-level banking regulatory bodies, released an initial draft version of its proposed digital currency regulations in December 2014.
The group recommended that companies involved with third-party exchange or transmission of digital currencies. The text released by the CSBS also included changes to its initial proposal related to permitted types of investment, anti-money laundering compliance, record keeping, supervision and crisis management. The text also includes the organization’s definition of a ‘virtual currency’ for use by state regulators, which focuses on the unit of account itself rather than the software enabling its use.
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