New York’s NYDFS to Hire a New Deputy Superintendent for Virtual Currency

The New York Department of Financial Services (NYDFS) has recently decided to upgrade its crypto-focused staff with a new hire. A new job advert posted online this week shows that the organization is now looking for a new Deputy Superintendent for Virtual Currency.

This new employee will have the task of creating and maintaining the compliance rules for digital currencies in the state of New York. Not an easy task considering that this the more strict region of the U. S. when it comes to cryptos.

Also, the person will work together with a special unit that works in crypto and blockchain cases, known as the Division of Research and Innovation, which was recently created.

Why is the company doing this? Possibly to be more efficient in the distribution of its famous BitLicense. The infamous license requires companies to operate under very strict regulatory standards if they want to have access to these markets. In almost five years since its creation, only 20 companies received the BitLicense.

All candidates that apply for this job have to understand the blockchain very well and have some experience in the crypto market or another relevant capital market. An MBA or Law degree is also required. Applications are open right now and will conclude on October 31.

At the moment, the special crypto division of the NYDFS has only four people in it. Two of them are superintendents, Olivia Bumgardner and Matthew Siegel. The division answer to a state legislative body known as the Digital Currency Taskforce.

The goal is to hire specialized personnel so that the regulators can be able to protect the financial stability of the state while letting the most innovative companies enter the market.

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