News
The proposals included stricter standards on risk assessments for crypto firms as well as a framework for designating token projects to the NYDFS' greenlist
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NYDFS News
The New York State Department of Financial Services (NYDFS) — also known as the DFS and NYSDFS — is a department of the New York State government that regulates financial services and products in such fields as insurance, banking and financial services. The NYDFS’s BitLicense is a business license for virtual currency activities, which is required for operating in New York. For the effective usage of an NYDFS’s Bitcoin license, New York state has come up with a definition of virtual currency (VC) business activity that covers five main points, such as transmission of VC, maintaining custody of VC on behalf of others, buying and selling VC as a customer business, performing exchange services and issuing, controlling and administering VC. There are currently nine NYDFS BitLicensed companies, some of them being Ripple, Coinbase and Square, Inc. Implementation of BitLicense by the NYDFS has forced many startups to stop working in New York.
- News
Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banks’ regulators as well as management.
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Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer services.
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The crypto advocacy group wants clarity on recent regulatory action against digital asset-friendly banks.
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The superintendent of the New York Department of Financial Services reportedly dismissed claims the U.S. government was working to implement “Operation Choke Point 2.0.”
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The New York State Department of Financial Services did not describe its new capacities, but said they will contribute to the detection of a variety of illegal activities.
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The company’s complaint to the New York regulator reportedly came before NYDFS ordered Paxos to “cease minting” its Binance USD stablecoin.
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Many Gemini Earn users reportedly claimed assets in their accounts had been protected by the Federal Deposit Insurance Corporation.
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“A VCE's customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship,” said the NYDFS.
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The state, a notoriously demanding regulator of the industry, has released detailed guidelines for banks’ crypto activities — and some licensed banks may have to play catchup.
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“As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance,” said superintendent Adrienne Harris.
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Adrienne Harris said she aims "to ensure we have a robust and fair financial system, and an equitable economy" in her role at the NYDFS.
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Goldman Sachs-backed crypto custodian BitGo has acquired a New York Trust license to operate as an independent custodian in the state.
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Emerging analytics technology is the name of the game for the next stage in crypto regulation.
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Japanese firm GMO will now be able to offer Yen- and dollar-pegged stablecoins to the public in New York.
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