Tagged: nydfs

Here is the Industry Guidance Issued by NYDFS for Virtual Assets

The New York State Department of Financial Services (NYDFS) has issued updated guidance for firms engaged in the crypt or “virtual asset” sector. NYDFS created a path for regulating digital asset firms fairly early on in the emergence of crypto. The announcement issued yesterday aims… Read More

Nexo’s Offices Raided in Bulgaria, Four Individuals Charged in Allegations of Money Laundering

It has not been that long since Nexo decided to exit the US market, but in recent days the offices of Nexo have been raided in Bulgaria according to multiple reports. While based in London, Nexo is affiliated with a former member of the Bulgarian… Read More

Coinbase to Pay $50 Million Penalty to New York Department of Financial Services (NYDFS)

Coinbase (NASDAQ:COIN) will pay $50 million to the New York Department of Financial Services (NYDFS) to settle a “compliance investigation.” Coinbase has been licensed by the regulator to conduct a virtual currency business and money-transmitting business in the State of New York since 2017. DFS… Read More

Paxos Becomes “First” Issuer to Disclose “Full” Monthly Reserve Holdings Backing USDP, BUSD Stablecoins

Paxos, the regulated blockchain infrastructure platform, has disclosed the “specific” financial instruments backing its “regulated” stablecoins USDP and BUSD. Moving forward, Paxos will “provide these detailed disclosures on a monthly basis in addition to its attestations.” These reports “provide the CUSIP of all instruments backing… Read More

Digital Assets: Standard Custody & Trust Company Approved by NYDFS as Regulated Qualified Custodian

Standard Custody & Trust Company, LLC, a custody and settlement platform for digital assets, has received charter status to operate under New York State Banking Law as a regulated qualified custodian. According to a release from the company, the New York State Department of Financial… Read More

Dan Burstein from Paxos Reveals how the Firm Is the “Most Trusted” Operator in Digital Asset Infrastructure Space

Dan Burstein, General Counsel at Paxos, claims in a blog post that the company is the “most trusted” operator in the digital asset infrastructure space. Burstein explains that trustworthiness is key to their business model and overall success at Paxos. They believe that by serving… Read More

Gemini, a New York Trust Company and Qualified Custodian, Now has Over $10 Billion in Digital Assets under Custody

Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, revealed on January 12, 2020 that it has now surpassed $10 billion in digital assets under custody. The Gemini team confirmed in a blog post that they’re pleased to announce that the crypto firm now… Read More

First Ever Ethereum based, Japanse Yen backed Stablecoin Introduced by Tokyo’s GMO Internet Inc.

Tokyo-based GMO Internet Inc., an Internet conglomerate, has reportedly been granted approval from the New York Department of Financial Services (NYDFS) to form a limited purpose trust company, GMO-Z.com Trust Company, Inc. Through this initiative, the company will issue the very first regulated Japanese Yen-pegged… Read More

PayPal to Allow Users to Buy, Sell, and Pay in Crypto in Partnership with Paxos

  PayPal (NASDAQ:PYPL) has partnered with Paxos to allow users to buy, hold, sell crypto, and pay in crypto by using the PayPal wallet in a new partnership with Paxos. The decision to incorporate digital assets is another sign of corporate acceptance of digital currency…. Read More

New York Department of Financial Services Schedules First Techsprint, Will Focus on Virtual Currency Firms

  The New York Department of Financial Services (DFS) has scheduled its first-ever “Techsprint” that will take place in 2021. The event will focus on digital regulatory reporting for virtual currency companies. As New York is a global financial hub, many Fintech firms are based… Read More

New York Department of Financial Services Signs Fintech focused MoU with French Prudential Supervision and Resolution Authority

The New York Department of Financial Services (NYDFS) has reportedly become the first state regulator to commit to a Fintech Memorandum of Understanding (MOU) with the French Prudential Supervision and Resolution Authority, an independent administrative authority, which oversees the activities of banking institutions and insurance… Read More

New York Department of Financial Services Requires Preparedness Plans for Virtual Currency Businesses Due to Coronavirus

The New York Department of Financial Services has issued a requirement that all institutions engaged in virtual currency businesses to have a preparedness plan due to the impact of the Coronavirus or COVID-19. Virtual currency businesses regulated in the state of New York are not… Read More

Regtech: NYDFS Is Reportedly Planning to Hire a Director to Help the Regulator Design, Implement, and Manage a Regulatory technology Platform

The New York Department of Financial Services (NYDFS), the financial and digital currency regulator for the state of New York, appears to be to developing regulatory technology (Regtech) solutions in order to enhance its existing oversight and supervising capabilities. The NYDFS is reportedly looking for… Read More

NYDFS Seeking Comment on “Proposed Guidance for the Adoption or Listing of Virtual Currencies”

New York’s more crypto-friendly iteration of the Department of Financial Services is seeking comment on a new set of guidelines to help licensed New York cryptocurrency dealers select tokens for listing or adoption. The NYDFS says that, since 2015, it has issued two dozen licenses and… Read More

Series of Tweets Regarding Apple Card Brings Scrutiny of New York Department of Financial Services

The relatively new Apple Card (NASDAQ:AAPL), issued by Goldman Sachs (NYSE:GS), is receiving some unwanted regulatory scrutiny from the New York Department of Financial Services (DFS). A series of tweets from David Heinemeier Hansson, the creator of Ruby on Rails and CTO of Basecamp, noted… Read More

New York Department of Financial Services is Revisiting its Controversial Virtual Currency License, BitLicense

The New York Department of Financial Services (NYDFS), the department of the NY state government that regulates financial services and products, is currently reviewing its virtual currency license. While speaking at Georgetown University’s Institute of International Economic Law during DC Fintech Week, NYDFS Superintendent Linda… Read More

New York Securities Regulator, NYDFS, Hiring Deputy Superintendent to Oversee Cryptocurrency/DLT Research and Innovation

The New York Department of Financial Services (NYDFS), the body responsible for regulating securities in New York, is hiring another Deputy Superintendent for Virtual Currency to help helm department’s newly created Research and Innovation Division for fintech, cryptocurrencies and DLT. The Deputy Superintendent will maintain,… Read More

Bakkt Now Accepting Customer Bitcoin Deposits & Withdrawals, Futures to Launch September 23

Digital asset exchange and ecosystem Bakkt is nearing complete launch. Bakkt, part of the Intercontinental Exchange (ICE) – a group that also owns the New York Stock Exchange (NYSE), received the necessary regulatory approvals earlier this year. Bakkt proves a compliant platform that expects to… Read More

Conference of State Bank Supervisors Denied Again as DC Federal Court Shoots Down Attempt to Challenge OCC Fintech Charter

The Conference of State Bank Supervisors (CSBS) has been rebuffed once again in its attempt to stymie looming Fintech banking competition. In a decision issued yesterday (September 3, 2019), the US District Court for the District of Columbia ordered that the CSBS pursuit of a… Read More

New York State Financial Services Regulator Responds to Crypto Exchange Bittrex’s Claims of Unfairness

The Executive Deputy Superintendent for Banking at the New York State Department of Financial Services (NYDFS) has taken to the media to respond to claims from the Bittrex crypto trading platform that it was treated unfairly when denied a license to do business in the… Read More

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