NYDFS calls for crypto firms to use blockchain analytics
The regulatory agency asked crypto firms to adopt methods to ensure greater risk assessment for potentially problematic transactions. In a letter published on Thursday, the New York State Department of Financial Services, or NYDFS, recommended that all virtual currency companies operating under New York banking law adopt blockchain analytics to trace transactions. In supporting the decision, the regulatory agency wrote:"Wallet addresses are typically pseudonymous, with nothing on the face of the transfer tying back to the originator, beneficiary, or underlying beneficial owners."Therefore,....
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The Bitcoin Foundation has again commented on the 'BitLicense' proposal put forth by the New York State Department of Financial Services (NYDFS) to regulate bitcoin businesses in the state. In a statement released today, the foundation highlights the need for public access to the "extensive research and analysis" cited by the NYDFS when the BitLicense was first proposed. This data, it says, is essential to examine the rationale used by the NYDFS in substantiating its regulatory proposal. The foundation further points out that the NYDFS has failed to produce these materials. Despite an....
The New York State Department of Financial Services (NYDFS) has revealed that it has so far received 22 applications from firms seeking to engage in virtual currency business activity in the US state. The announcement, made exclusively to CoinDesk, follows the 8th August filing deadline for businesses previously offering such services to the New York market, and does not include firms that have applied for banking charters. Speaking to CoinDesk, NYDFS deputy superintendent for public affairs Matt Anderson indicated that the agency believes this filing total shows there is "substantial....
The BitLicense saga continues: Today, Ben Lawsky took to Twitter to announce that the New York Department of Financial Services (NYDFS) will be extending the official comment period for the proposed BitLicense regulatory framework. The original plan was to allow a 45-day comment period; around the world, this timeframe was criticized as being too short given the magnitude of the proposed regulations. Presumably, as a result of the community's interest, the NYDFS has chosen to extend the official comment period from 45-day period to a 90-day period. The news has been well-received by the....
The New York State Department of Financial Services (NYDFS) has issued a new statement indicating Coinbase has not yet secured a license to operate in New York. The remarks, relayed by a spokesman to The New York Times, suggest that the department, which is currently working on a final version of its BitLicense regulation, is still in talks with Coinbase about its legal status in the state, but that no decisions have been finalized. The NYDFS spokesman said: "We are working with several companies, including Coinbase, on licensing and will continue to move forward expeditiously. That said,....
The New York State Department of Financial Services (NYDFS) announced on Tuesday that they would be begin considering proposals and applications for the establishment of bitcoin exchanges in the State. Such establishments would, of course, be subject to regulation. But more importantly, serve to pave the way to efficient (yet effective) oversight of such financial institutions in the nation's third-most populous state. "Firms may immediately submit formal proposals and applications to operate virtual currency exchanges in order to help expedite the process of putting in place greater....