7 months ago
Date: 03 May 2022 - 21:46

New Yorks Department of Financial Services NYDFS has issued guidelines on the use of Blockchain analytics to all licensed crypto startups within New York. Through a letter addressed to all digital currency entities licensed under the New York Banking Law 23 NYCRR Part 200 the government agency emphasized the importance of blockchain analytics in conducting customer due diligence transaction monitoring and sanctions screening.Speaking on the directive NYDFS Superintendent Adrienne Harris stated that crypto regulations often raise compliance issues due to their uniqueness. She however expressed confidence that these challenges would present new possibilities for control measures that would best leverage the new technologies including blockchain analytics services. Additionally she opined that blockchain analytics services were a recommended best practice for virtual currency entities in New York. She wrote that8220VC Entities can use thirdparty service providers or internally developed blockchain analytics products and services for additional control measures whether separately or in combination.8221nbspThe Guidance was in response to a directive issued in March from the governors office New York that implored the NYFDS to strengthen sanctions against Russia using measures such as blockchain analytics tools. These recent developments put New York ahead of the pack regarding advanced regulations in the virtual currencies industry.The NYDFSs insistence on using blockchain analytics aims to address among other issues AntiMoney Laundering AML issues fixing Know Your Customer KYC glitches conducting transaction monitoring of OnChain activity and conducting sanctions screening of OnChain activity. The Guidance observes that virtual currencies are transferrable and pseudonymously. Consequently it leaves no room for a thirdparty regulator increasing risks to users. The NYDFS insisted on using products and services that allow users to obtain certain identifying information in line with KYC requirements.According to the Guidance AML compliance policies must be designed to identify virtual currency addresses or other information associated with sanctioned individuals and entities on the SDN List or in authorized jurisdictions.Despite these advancements the state has seldom shied away from controversies around the virtual currencies space. Presently the regulator has procedures and requirements for startups to be licensed with a BitLicense. Many see this as controversial and a means of stifling the industry. This regime has seen numerous crypto firms flee the state and others such as Coinbase limit their operations. In April the state appropriated additional funds to the NYDFS to allow it more supervisory power over licensed crypto firms in the state amidst lobbying calls for overhauling the licensing regime.

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