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How the New York Department of Financial Services (DFS) Regulates Virtual Currency, a Close Look with Special Guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS
Compliance Into The Weeds - DFS Fines Carnival Cruise Lines for Cyber Failures
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Your Cyber Minute: State influences bring a new dawn of cyber regulations
Your Cyber Minute: Compliance with the Proposed NYDFS Cybersecurity Regulation
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Digital Asset Companies Achieve Licenses, Launch Stablecoin Products - According to a recent press release, Anchorage Digital, a digital asset platform and infrastructure provider, announced that the New York State...more
On January 12, NYDFS announced that it had entered into a consent order with a digital currency trading company after an investigation that found the company responsible for compliance failures that violated NYDFS’s virtual...more
On Sept. 18, the New York State Department of Financial Services issued proposed guidance for companies holding virtual currency business licenses and limited-purpose trust companies — collectively referred to as virtual...more
Regulators are increasingly taking enforcement action against crypto asset industry participants for violating anti-money laundering (AML) and sanctions laws. Regulators are concerned about the illicit use of crypto...more
On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations...more
On May 1, NYDFS settled with a cryptocurrency trading platform over the company’s cybersecurity deficiencies, resulting in a consent order and $1.2 million fine for the crypto company. NYDFS alleged “multiple deficiencies in...more
On January 23, 2023, the New York Department of Financial Services (NYDFS) published a short but important notice to virtual currency asset custodians containing guidance on custodial structures in order to protect customers...more
On January 23, 2023, the New York Department of Financial Services released guidance with the stated goal of helping to protect customers of virtual currency businesses in the event of an insolvency or similar proceeding by...more
On June 8, the New York State Department of Financial Services (NYDFS) issued new “Guidance on the Issuance of U.S. Dollar-Backed Stablecoins,” establishing a first-of-its-kind state standards for USD-backed stablecoins...more
There have been a number of developments swirling around stablecoins in the past month, including, earlier this week, the recent introduction in the U.S. Senate of a bill (the “Responsible Financial Innovation Act”) that...more
In the wake of the LUNA-UST collapse in which the value of UST and LUNA crashed over 99 percent over a period of days due price manipulation of the algorithmic stablecoin, the Federal Reserve and other regulators have become...more
Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more
On February 25, the New York State Department of Financial Services (NYDFS) issued Guidance to all individuals and entities subject to its regulation due to the rapidly evolving situation in Ukraine, following the Russian...more
NY DFS Approves New Stablecoin Company, Crypto Financial Products Continue Growth - New York’s Department of Financial Services (DFS) recently granted a charter under New York Banking Law to a Japanese cryptocurrency firm...more
A&B ABstract - Since the New York Department of Financial Services (“NYDFS”) finalized regulations for virtual currency firms in 2015, several regulated virtual currency licensees (“Licensees”) have sought permission to...more
Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more
The end of July saw continued regulatory activity in the digital assets space. This entry of BitBlog will cover some of the highlights. 1) The U.S. Securities and Exchange Commission (“SEC”) continues to dole out bits of...more
New York is the first state to establish a department within a financial regulatory agency that is tasked with protecting consumers and financial markets against cyber threats. On May 22, 2019, the New York Department of...more
The New York Department of Financial Services virtual currency license is back in the spotlight after NYDFS announced that it had rejected the application of Bittrex Inc., a virtual currency exchange, to conduct virtual...more
DFS Issues New BitLicenses, Corda Gains Integration Partners, New Stablecoin Launched - Late last week, the New York State Department of Financial Services (DFS) granted the DFS BitLicense to Robinhood Crypto LLC and Moon...more
TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more
On October 23, the Superintendent of the New York State Department of Financial Services (“DFS“) announced that the DFS has approved the application of Coinbase Custody Trust Company LLC, a wholly-owned subsidiary of Coinbase...more
Technology evolves and events unfold at a dizzying pace in the blockchain world, but even by those standards this past week was tough to keep up with. Every day seemed to bring a new first for the industry...more
As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more
Crowdfunding site Indiegogo is hoping that a bold move—as one of the first mainstream companies to do so— into the roller-coaster world of ICOs will help make the offerings more palatable for small and large investors....more