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The New York Department of Financial Services (NYDFS) has passed new regulations on how crypto companies will be assessed for the costs associated with overseeing them.
The regulations will require companies to meet rigorous standards for capitalization, cybersecurity protection and anti-money laundering protocols, NYDFS said in a statement Monday.
As the nation’s first virtual currency prudential regulator, New York has created a framework that sets the highest standards for safety, soundness and consumer protection while fostering responsible growth, the Superintendent of Finance said. NYDFS, Adrienne Harris. These regulations provide 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 Bitlicense issued by DFS, a business license granted by NYDFS that allows companies to do business in New York, are subject to the regulations. Currently, only 22 companies hold such a license.
About a year ago, the New York State Senate said it would bolster NYDFS efforts to oversee the cryptocurrency industry in an effort to align cryptocurrency oversight with how the regulator oversees banks and more traditional financial services companies.
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