The New York Department of Financial Services (NYDFS), the U.S. state’s financial regulator, has enforced new rules that would be adopted while assessing crypto companies.
The new regulations force virtual asset firms to adhere to strict guidelines in terms of capitalization, cybersecurity, and anti-money laundering (AML) measures.
- NYDFS Superintendent Adrienne Harris said the adopted framework sets the highest standards for safety, soundness, and consumer protection.
- Harris also underlined that the guideline still boosts responsible growth.
- The regulation only affects the companies with BitLicense issued by the state.
- Currently, 22 companies in total have BitLicense.
- BitLicense has been issued by the NYDFS for eight years to let a company run virtual currency activities under regulations in the state.
- The license has been criticized many times over the last few years for restrictive measures, long wait times, and high compliance costs.
