New York is one of the centers of the financial world. To be able to continue to claim, the financial authority of the city of (NYDSF) now a new Department. This deals especially with the challenges of the crypto-sphere.
By Anton Livshits
On the 25. July 2019BTC$9.992,00 1.11%part Facebook Twitter LinkedIn xing mail
Technological innovations in the financial sector require from the regulators for new answers. In order to remain such, at the time, announced the New York State Department of Financial Services (NYDFS), the creation of a new Department. With the help of Research and Innovation Division (Department for research and Innovation) would like to wear the DFS to ensure that New York is the „jurisdiction of choice for Innova continues to be expensive“. The remit of the Department, in particular, the regulation and licensing of companies in the FinTech and crypto – area.
The DFS announced the planned changes in a press release. Linda. A. Lacewell, the head of the New York-based authority, said in the Statement, the need for such a development:
The regulatory landscape for financial services must evolve and adapt as the Innovation in the areas of banking, insurance and regulatory technologies continues to grow. With this new area of work, and these appointments, the DFS has positioned itself as a regulatory authority in the future, whereby the Department is able to protect the consumers better, to develop Best Practices and analyze market data in order to strengthen the Position of New York as a center for financial innovation.
in Addition to the control of the crypto sector, will address the new Department, with new technical possibilities for the customers and privacy.
well-known reinforcement
The DFS shall designate, in the press release, some of the leadership cadre of the new Department. Your head Matthew Homer is therefore. Harvard was a graduate recently for the FinTech company Plaid active. Prior to that, he worked for several US agencies. Reinforcement he receives, among other things, by Olivia Bumgardner, who was previously research Director for the New York financial authority. In this Position, she led several projects related to crypto-currencies and cyber security.
the New York BitLicenses to just under
-sector results primarily from the company’s licences granted by the authority. The possession of a so-called BitLicense is necessary to be allowed to crypto-businesses in the state of New York to perform. Since the year 2015, the authority granted, however, only 20 of the coveted permits. Most recently, she received two subsidiary companies of the Bitcoin exchange Seed CX.
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