Tagged: nydfs

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

Crypto Trading Platform Bittrex Denied BitLicense in New York, Disputes Findings

The New York State Department of Financial Services (NYDFS) has denied Seattle-based cryptocurrency trading platform Bittrex’s application for a BitLicense to offer the trading of cryptocurrencies and tokens in the state. The decision was provided in a letter to Bittrex CEO Bill Shihara dated April… Read More

State of New York Poised to Empower New York Department of Financial Services to Study Online Lending

There is legislation moving through the state of New York that shifts some responsibility regarding online lending to the New York Department of Financial Services (NYDFS). [S07294 and A8938] Originally, there was a bill that was signed into law on December 29, 2017, by Governor Andrew Cuomo, that… Read More

BitLicense Battle: Hearing Scheduled for Chino vs. NYDFS, Following $1 Billion Claim in Damages

Theo Chino will be back in court tomorrow (October 10) regarding his ongoing battle with the New York Department of Financial Services (NYDFS). In brief, Chino is battling the DFS creation of the “BitLicense Regulatory Framework” that delivered a bumpy process to license virtual currency business… Read More

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