“Nonbanks are increasingly providing payment services, including issuing money (or money-like) liabilities and processing payments. On the one hand, participation by nonbank payments companies may contribute to higher levels of competition, inclusion, and innovation. On the other, if these firms are not adequately regulated and supervised, there may be risks to consumers, the financial system, and the broader economy,” one Treasury report said.
Related posts
-
Treasury and IRS Announce Digital Asset Tax Reporting Regulations
The U.S. Department of the Treasury and the IRS... -
Stablecoin Market Remains Steady in June Amidst Crypto Volatility
While June was a lackluster period for crypto assets... -
Crypto ATM Installations Rise in 2024, Adding 2,564 New Machines Globally
In June, the number of cryptocurrency automated teller machines...