New York State DFS Establishes Early Regulatory Framework for Virtual Currency
What happened
The New York State Department of Financial Services is involved in discussions regarding the need for a comprehensive regulatory framework for digital assets and blockchain technology. The article notes that the pace of technological change, including digital assets, has often outpaced existing government regulations. The DFS operates as the mandated regulatory agency within the jurisdiction of New York State.
From fortune.com
Why it matters
The framework addresses the use of digital assets, such as Bitcoin, which has been central to financial markets since 2009. The development of rules is seen as crucial for managing the legitimate innovation potential while also mitigating risks associated with illicit use of the technology.
From fortune.com
Who's involved
- New York State Department of Financial ServicesThe state agency responsible for regulating financial services and products in New York State.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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Bitcoin
digital cash system and associated currency
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New York State Department of Financial Services
responsible for regulating financial services and products
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