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” New York state announces another upgrade to its virtual currency monitoring capacity “ The New York State Department of Financial Services (NYDFS) has announced enhancements to its ability to detect illegal activities with virtual currency among the entities its regulates. The new capacities are part of its efforts to keep pace with the industry…
” New York financial regulator investigates Gemini over FDIC claims: Report “ New York State’s Department of Financial Services is reportedly investigating cryptocurrency exchange Gemini over claims the firm made in regards to assets under its Earn lending program. According to a Jan. 30 report from Axios, the “New York State agency that regulates Gemini”…
” NYDFS advises crypto firms not to commingle user and corporate funds in the event of insolvency “ The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”. In a Jan. 23 announcement, NYDFS superintendent Adrienne Harris…
” New York State issues guidance for banks seeking to engage in activities with crypto “ The New York state Department of Financial Services (DFS) released guidance on Dec. 15 for regulated banks seeking to engage in activities with virtual currency. The guidance, which took effect immediately, describes the application process and “summarizes the types…
“# New NY Gov. taps former Obama official to head state’s financial regulator ” Kathy Hochul, the governor of New York who has been in office for only a week since the departure of Andrew Cuomo, has nominated Adrienne Harris to lead the state’s Department of Financial Services. According to a Tuesday Wall Street Journal…
“# BitGo receives trust license from New York regulators ” Major American digital asset custody and security company BitGo has acquired a New York Trust license from the New York State Department of Financial Services. According to an announcement, the new charter enables BitGo to provide custodial services for institutional clients in New York seeking…
“# NYDFS hosts crypto industry competition to get real-time data on Bitlicensees ” New York’s financial regulator is asking for new tools to gather real-time financial data. On Thursday, the New York Department of Financial Services announced new details of its coming “techsprint” competition: “The objective of the techsprint is to achieve creative and collaborative…
“# New York authorizes first Yen stablecoin operator in the US ” New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S. Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed…
“# Paxos seeks approval to become fully-regulated crypto bank ” Stablecoin creator and crypto services provider Paxos filed an application to open a national bank on Wednesday. If approved, the pioneering Paxos General Trust will be headquartered in New York, licensed to hold cryptocurrencies and execute the duties of a regular trust bank. According to…
“# Law Decoded: Government sandboxes, test beds and crypto compromises, Oct. 16-23 ” A line from immortal comic strip Calvin & Hobbes goes “a good compromise leaves everybody mad.” When it comes to laws governing crypto, authorities are usually asking for pretty major compromises because they are, at their very best-intentioned, trying to work things…