Recent developments about the New York State Department of Financial Services
(Not affiliated with NYDFS; just a blog.)
NYDFS issued guidance concerning the use of blockchain analytics by regulated cryptocurrency firms. NYDFS stated: “The purpose of this guidance … is to emphasize to all virtual currency business entities that are either licensed under 23 NYCRR Part 200 or chartered as a limited purpose trust company … the importance of blockchain analytics to effective policies, … Read more
Matthew Levine published his most recent article on NYDFS titled “NYDFS Roundup: Crypto, Cybersecurity, and Insurance Companies.” The article begins: “Change has been a constant at the New York State Department of Financial Services. Since its first Superintendent departed the agency in June 2015, there have been six confirmed and acting Superintendents for DFS. With … Read more
The New York State legislature and Governor Hochul enacted a new law that allows NYDFS to assess licensed crypto businesses in the same manner it assesses other regulated entities. Each regulated entity must pay a yearly assessment to NYDFS that, in aggregate, funds NYDFS operations. NYDFS does not rely on taxpayer funds and does not … Read more
NYDFS held the first of three webinars marking the 5th anniversary of adoption of its Cybersecurity Regulation, known as “Part 500.” The webinar featured from NYDFS Justin Herring, Executive Deputy Superintendent for Cybersecurity, William Petersen, Assistant Deputy Superintendent for Cybersecurity Supervision, and Robert Francis, its CIO. Some takeaways: The Cybersecurity Division has now grown to … Read more