NY Financial Regulator Adopts Virtual Currency Assessment Rule
Featured SpeakerChristy Goldsmith Romero
CommissionerU.S. Commodity Futures Trading Commission
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
:format(jpg)/www.coindesk.com/resizer/Bq34fFDLQLAxJq7jRzq--axWcvs=/arc-photo-coindesk/arc2-prod/public/BPHZ3N4FINGKHP4PJNCM265SOM.jpg)
Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
Featured SpeakerChristy Goldsmith Romero
CommissionerU.S. Commodity Futures Trading Commission
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
The New York Department of Financial Services, or NYDFS, has adopted a new regulation for how crypto companies will be assessed for costs associated with their supervision.
The regulation will require companies to meet rigorous standards for capitalization, cybersecurity protection and anti-money-laundering protocols, NYDFS said in a statement Monday.
“As the first prudential regulator of virtual currency in the nation, New York has created a framework that sets the highest standards for safety, soundness, and consumer protection while fostering responsible growth,” NYDFS Superintendent Adrienne Harris said. “This regulation provides the department with additional tools and resources to regulate the virtual currency industry now and in the future as innovators create new products and use cases for digital assets.”
Only companies with a state-issued BitLicense – a license granted by NYDFS that allows firms to business in New York – are subject to the regulation. Only 22 companies have that license.
About a year ago, the New York State Senate said that it would boost NYDFS’ efforts to oversee the cryptocurrency sector in an attempt to match oversight over cryptocurrencies with how the regulator oversees more traditional banks and financial-services firms.
NYDFS first proposed the rule last December.
Edited by Nikhilesh De.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Helene is a U.S. markets reporter at CoinDesk, covering the US economy, the Fed, and bitcoin. She is a recent graduate of New York University’s business and economic reporting program.
