Last week, thestate’s Department of Financial Services (DFS) announced the adoption of the state’s framework for digital currencies. The final regulations include measures that address consumer protections, money laundering and cybersecurity.
DFS Superintendent Benjamin Lawsky, who is leaving the agency later this month, said:
“We are excited about the potential digital currency holds for helping drive long-overdue changes in our ossified payments system. We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity without stifling beneficial innovation.”
We hope that the state hasn’t put regulations in place that will end up hurting the growth of virtual currencies.