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New York: New NYDFS for crypto-industry-founded – Coin Hero

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New York: New NYDFS for crypto industry founded

Home News New York: New NYDFS for crypto industry founded

Of
Matthias Nemack –
25.07.2019

The authority of DFS to the big city of New announced the opening of a new Department. You will attend particularly to issues of the crypto industry.

Coins, Wallets, ICOs, and more than range of tasks

The Dilemma from the point of view of many Fintech companies and suppliers of digital currencies: National and international authorities the Know-how in the young sectors of the economy is missing so far, is not rare. The had to know in the past some providers of Wallets and ICOs on their own body. Regulatory authorities have a hard time as is often the case with the assessment of the new challenges. The New York State Department of Financial Services has now taken on the task to make the innovations between Bitcoin, Ripple or Zcash more the focus of its own work. For this reason, the NYDFS has opened now even a special new Department. Core competencies of these new authorities-the Department should explicitly be located around the rapidly growing crypto market. Unquestionably, the institution would like to make a contribution to making the US metropolis in the future one of the most important sites of the financial industry.

Also authorities need to move with the times

And not only with the views of the United States. A reaction is the formation of the new authorities division, of course, not alone on crypto-currencies like Ethereum, but the market itself. All of the new developments in the Fintech and Blockchain – sector in the end. The Department listens to the name “Research and Innovation Division”. So, it’s focus, like research. Should the tasks include the allocation of new licenses for crypto-companies on location in New York. Also for the regulation of the division will be responsible, as stated in the Statement of the financial authority. For the authorities, leadership is a logical development, which was due to the needs of the market. Regulatory authorities should not rest on their previous Standards. Rather, there is a need for Supervisory organisations, the willingness to move with the times. This is important, of course, for investors to get the benefit of more security. Mining Fans are taking the news with interest.

Hope for faster procurement, the authorities licenses

The NYDFS will now respond with your new Department and in particular to the rapid changes within the banking and insurance landscape. The device is intended to be a “regulatory authority of the future”. Important topics, so it is from the authorities-Executive, are also questions of data protection and cyber security. As head of Department, the authority announced Matthew Homer, who had in the past years for a variety of other authorities active in the USA. For new companies, the additional section could possibly mean that crypto will be awarded licenses to finally faster. Of the “BitLicenses” were not awarded within a period of four years, namely, two dozen of them. A reason, were, and are, to the elaborate test procedures. This could now be accelerated and revised.

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