New York State Gov Andrew Cuomo Wants BitLicense Creator NYDFS to Have More Power

New York’s governor Andrew Cuomo wants the Department of Financial Services (NYDFS) to have more power when it comes to regulating licensed entities, cryptocurrency startups included.

Presenting his “state of the state” plan for 2020 on Wednesday, he published 321 pages of proposals that include a new perspective on existing exemptions some consumer financial services and products have.

NYDFS Can Execute Action Towards Unlicensed Entities

NYDFS, which is the creator of BitLicense has the power already, but there are entities declaring they’re not bound to its regulations because they’re not selling their goods straight to the purchasers. Banking and insurance laws are giving NYFDS the right to collect valuation costs, yet companies that operate within the Financial Services Law aren’t precisely bound to pay out. This is what the NYDFS document reads as far as this issue goes:

“Entities licensed under the FSL (e.g. virtual currency entities) are not required to pay such assessments, despite being subject to similar examination and oversight requirements.”

According to the same document, Cuomo is looking to revise the law that closes all these loopholes.

NYDFS Regulating Cryptocurrency Startups Since 2014

NYDFS is regulating new crypto enterprises with its digital currency license ever since 2014, through BitLicense. Last October, NYDFS superintendent Linda Lacewell said the agency is making reviews in the sector and cited the crypto industry’s evolution since BitLicense was proposed for the first time. Including a coin listings model framework for exchanges and a listing cryptocurrencies approval process, the changes proposed by NYDFS are open to public comments until January 27.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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