News
The New York regulatorâs Transatlantic Regulatory Exchange program would allow the NYDFS to exchange senior staff experienced in digital assets with those at the Bank of England.
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NYDFS News
The New York State Department of Financial Services (NYDFS) â also known as the DFS and NYSDFS â 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 NYDFSâs BitLicense is a business license for virtual currency activities, which is required for operating in New York. For the effective usage of an NYDFSâs 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
With the addition of Anchorageâs New York arm, the New York financial regulator has approved 34 companies since the BitLicense scheme launched in 2015.
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According to data from CoinGecko, the total stablecoin market capitalization is over $196 billion as of Nov. 29.
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Adrienne Harris, the head of the New York State Department of Financial Services, has been called the most powerful crypto regulator in the United States.Â
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The BitLicense just got a little tougher with new mandatory standards for treating customers right.
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According to the New York regulator, Genesis had compliance failures that violated crypto and cybersecurity regulations, leaving the company âvulnerable to illicit activity.â
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The Office of the Comptroller revealed its concerns over the management of BitLicense applicants by the New York Department of Financial Services.
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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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Internal reviews of the supervision of Silicon Valley Bank and Signature Bank have been released, showing weaknesses on the part of the banksâ 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 âOperation Choke Point 2.0.â
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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 companyâs complaint to the New York regulator reportedly came before NYDFS ordered Paxos to âcease mintingâ 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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