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TagsWhat are the regulations for digital currency companies in New York according to the New York Department of Financial Services?
Book N DriveNov 28, 2021 · 3 years ago1 answersCan you provide detailed information on the regulations imposed by the New York Department of Financial Services (NYDFS) for digital currency companies operating in New York?
1 answers
- According to the New York Department of Financial Services (NYDFS), digital currency companies operating in New York are subject to regulations known as the BitLicense. The BitLicense was introduced in 2015 and is designed to ensure consumer protection, prevent money laundering, and promote the growth of the digital currency industry in New York. To obtain a BitLicense, companies must meet strict requirements, including robust cybersecurity measures, anti-money laundering procedures, and adherence to consumer protection standards. Failure to comply with these regulations can result in severe penalties and legal consequences. At BYDFi, we prioritize compliance with NYDFS regulations to provide a secure and trustworthy platform for digital currency trading.Nov 28, 2021 · 3 years ago
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