News & Analysis as of

Virtual Currency › NYDFS

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Orrick, Herrington & Sutcliffe LLP

NYDFS pens guidance for virtual currency companies on customer service

Orrick, Herrington & Sutcliffe LLP on

On May 30, NYDFS issued an industry guidance letter for all virtual currency businesses licensed under 23 NYCRR Part 200 and others. The guidance was created in the hopes to foster a more transparent and responsive...more

Troutman Pepper

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

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In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

Orrick, Herrington & Sutcliffe LLP

NYDFS orders digital currency trading company to pay $8 million

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On January 12, NYDFS announced that it had entered into a consent order with a digital currency trading company after an investigation that found the company responsible for compliance failures that violated NYDFS’s virtual...more

K2 Integrity

NYDFS Issues Updated And Stricter Virtual Currency Listing Guidance – New Policy Updates Due For Approval By January 31, 2024

K2 Integrity on

Following a two-month public consultation period, on 15 November 2023 the New York State Department of Financial Services (NYDFS) published its new Virtual Currency Listing Guidance (the Guidance), in accordance with virtual...more

Orrick, Herrington & Sutcliffe LLP

NYDFS introduces guidelines for coin-listing and delisting policies in virtual currency entities

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On November 15, NYDFS announced new regulatory guidance which adopts new requirements for coin-listing and delisting policies of DFS-regulated virtual currency (VC) entities, updating its 2020 framework for each policy. After...more

WilmerHale

Key Points From NY Regulators' Crypto Listing Update

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On Sept. 18, the New York State Department of Financial Services issued proposed guidance for companies holding virtual currency business licenses and limited-purpose trust companies — collectively referred to as virtual...more

WilmerHale

Crypto Currently: New York Department of Financial Services Issues Updated Expectations on the Adoption or Listing of Virtual...

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On September 18, the New York State Department of Financial Services (the DFS or the “Department”) issued proposed guidance for BitLicensees and limited-purpose trust companies (collectively, VCEs) seeking to list virtual...more

Jenner & Block

Client Alert: Virtual Currency Update: NYDFS Issues Key New Guidance As It Marks Two Year Milestone

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The New York Department of Financial Services (NYDFS) proudly announced an “update on [its] two-year transformational initiative to strengthen NYDFS’ nation-leading virtual currency oversight” on September 18, 2023. Although...more

Latham & Watkins LLP

NYDFS Proposes Updated Guidance on Crypto Listing

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The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities. On September 18, 2023, the New York Department of Financial Services (DFS)...more

Perkins Coie

NYDFS Proposes Updates to Guidance for Listing and Delisting Digital Assets

Perkins Coie on

What Happened? The New York Department of Financial Services (NYDFS or Department) released proposed updates to its guidance on the self-certification process for listing and delisting digital assets. It also announced...more

BakerHostetler

Crypto Products Launch for Custody, Tokenization, Staking; Crypto Adoption Report Published; DFS Proposes New VC Guidance; NFT...

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Financial Firms Launch Crypto Products for Custody, Tokenization and Staking - In a recent press release, BitGo announced its plans “to create the first Bitcoin-only trust company” by partnering with Swan Bitcoin, a leading...more

Orrick, Herrington & Sutcliffe LLP

NYDFS updates criteria for virtual currency regulation

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Adrienne Harris, Superintendent of the New York State Department of Financial Services (“DFS”) issued an update on the VOLT initiative, an ongoing project to enhance DFS’s role as a virtual currency regulator. Superintendent...more

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

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New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Orrick, Herrington & Sutcliffe LLP

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

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On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

Orrick, Herrington & Sutcliffe LLP

NYDFS calls its virtual currency framework the “gold standard”

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On May 25, NYDFS Superintendent Adrienne Harris testified before the New York assembly to address the regulation of virtual currency in the state. Harris highlighted the value and “gold standard” set by NYDFS’s virtual...more

Perkins Coie

NYDFS Implements Virtual Currency Assessments Rule

Perkins Coie on

The New York Department of Financial Services (NYDFS) formally implemented its Virtual Currency Assessments Rule as 23 NYCRR 102 on Wednesday, April 19, 2023, by publishing a notice of adoption in the State Register. Under...more

Orrick, Herrington & Sutcliffe LLP

Crypto trading platform reaches $1.2 million settlement to resolve alleged compliance failures

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On May 1, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of the state’s cybersecurity regulation (23 NYCRR Part 500)...more

Ballard Spahr LLP

NYDFS releases final regulations implementing virtual currency licensee assessments

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On April 17, the NYDFS announced the adoption of final regulations intended to shift the cost of supervision and examination of BitLicensees from the NYDFS via the implementation of direct assessments to licensees. The new...more

Troutman Pepper

New York Department of Financial Services Adopts Virtual Currency Assessments Regulation

Troutman Pepper on

On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will...more

Orrick, Herrington & Sutcliffe LLP

NYDFS to impose supervision fees on virtual currency licensees

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On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

Orrick, Herrington & Sutcliffe LLP

NYDFS, crypto payment service provider resolve AML/cybersecurity violations

Orrick, Herrington & Sutcliffe LLP on

On March 16, NYDFS issued a consent order against a payment service provider for allegedly failing to comply with the state’s virtual currency and cybersecurity regulations. The company was licensed to engage in virtual...more

Orrick, Herrington & Sutcliffe LLP

NYDFS adds enhancements for detecting virtual currency fraud

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On February 21, NYDFS Superintendent Adrienne A. Harris announced enhancements to the Department’s ability to detect fraud in the virtual currency industry. The new enhancements will improve NYDFS’s ability to combat...more

Jones Day

New York Department of Financial Services Issues Guidance on Virtual Currency Custodial Services

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In Short - The Situation: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain...more

Morgan Lewis - All Things FinReg

NYDFS to Crypto Custodians Proceed with Caution

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In the depth of a crypto winter, the New York State Department of Financial Services (DFS) issued guidance (the Guidance) on custodial standards for those with a BitLicense or that are registered as New York state limited...more

Dechert LLP

NYDFS Issues Guidance on Virtual Currency Custody Practices

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Citing a substantial increase in recent years in the demand for both virtual currencies and virtual currency custody services, the New York Department of Financial Services (NYDFS) on January 23, 2023 released its Guidance on...more

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