The New York Department of Financial Services (NYDFS) has passed regulations regarding the supervision of crypto companies.
The New York regulator has stepped in on the regulation of cryptocurrencies. The regulator announced that it has adopted regulations related to the regulation of cryptocurrencies.
New York Regulator Takes Steps on Cryptocurrency Control
The New York Department of Financial Services (NYDFS) has adopted a new regulation on how crypto companies will assess the costs associated with their audits. Only companies holding a government-issued BitLicense will be subject to this regulation. The regulation covers companies’ strict standards for capitalization, cybersecurity protection, and anti-money laundering protocols.
NYDFS Inspector Adrienne Harris said:
As the first prudent regulator of virtual currency in the nation, New York has created a framework that sets the highest standards for security, robustness and consumer protection while promoting responsible growth.”
NYDFS wants to provide additional tools and resources to regulate the virtual currency industry now and in the future as use cases for digital assets increase. The new regulation will only cover companies that own BitLicense, which is owned by 22 companies.
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