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The New York State Department of Financial Services ("NYDFS") launched a series of virtual currency initiatives aimed at easing market entry for start-ups and emerging companies.
In the press release, the NYDFS announced:
- a signed memorandum of understanding with the State University of New York ("SUNY") detailing their plan to launch a new SUNY-related virtual currency program, "SUNY BLOCK," intended to support emerging virtual currency entities from local communities;
- a new conditional licensing framework that eases market entry for start-ups and emerging companies partnering with an existing entity authorized by NYDFS to engage in virtual currency business activity (such as the new SUNY BLOCK program);
- final guidance that covers licensees' ability to self-certify the use of new coins, and outlines the approach by which NYDFS will provide a list of approved coins that all licensees can easily adopt;
- a notice of NYDFS practices aimed at creating a more transparent and efficient process for the evaluation of virtual currency license applications; and
- new virtual currency-related FAQs that will address questions identified through discussions with current and prospective market participants.
Comments on the proposed licensing framework must be submitted by August 10, 2020.
Primary Sources
- NYDFS Press Release: DFS Superintendent Lacewell Launches Series of Virtual Currency Initiatives
- NYDFS, SUNY Memorandum of Understanding
- NYDFS Request for Comments on a Proposed Framework for a Conditional BitLicense
- NYDFS Guidance: Regarding Adoption or Listing of Virtual Currencies
- NYDFS Notice; Virtual Currency Business Activity License Application Procedures
- NYDFS FAQ: BitLicense
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