New York is one of the American cities whose financial market moves faster. We recently reported on the intentions of one of the legislators of this state, who asked to investigate the impact of a New York-based cryptocurrency backed by the authorities.
However, the United States is one of those countries that view the cryptocurrency market with skepticism, especially since in this country it is the promoter of the old fiduciary money scheme that still leads the economy today.
Now, the New York State Department of Financial Services (NYDFS) is putting pressure on cryptocurrency companies to strengthen their anti-fraud and anti-market manipulation measures.
Through a press release released last Wednesday, the NYDFS released new rules for these companies, including those that have obtained licenses through BitLicense or through the state directly. The new announced scheme requests these companies to implement policies to evaluate everything related to fraud risks, in order to protect users.
This new guide also requires that an investigation be initiated in the event of suspicion of fraud, and then a statement be issued detailing details of any illegal action detected. In the statement, Superintendent Maria Vullo said:
As the markets for cryptocurrencies continue to evolve, the DFS will be ordering cryptocurrency companies to take the necessary measures to protect themselves against fraud and stay tuned for manipulation. Through these actions, the market can evolve with solid regulatory oversight.
This new guide for the institution is based on the BitLicense format of the State of New York, approved in 2015, when it was a daring measure against the cryptocurrency market, and which caused many companies to emigrate from the city. At the moment, only some companies have received approval from the State to operate with cryptocurrencies in New York City.