New York proposes “landmark” crypto legislation
Among other things, the bill would strengthen NYDFS’ ability to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in the state.
Among other things, the bill would strengthen NYDFS’ ability to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in the state.
The announcement noted that a covered institution’s compliance with the guidance will be reviewed as part of its regular examination framework.
Among other things, the Act is designed to eliminate unnecessary regulatory burden and ensure states are able to coordinate in all areas of regulation, licensing, and supervision.
Effective July 1, collection agencies and certain non-depository financial institutions can conduct business at multiple licensed locations under a single license.
Companies seeking to provide services in the state will be required to register with the Commissioner of Financial Regulation beginning March 15, 2024.