This week the New York State Department of Financial Services (NYDFS) Superintendent, Maria Vullo, discussed the controversial state Bitlicense, a set of regulations aimed at monitoring and regulating cryptocurrency operations. According to Vullo, the regulatory policies enacted by the former Superintendent Ben Lawsky and the NYDFS has stimulated greater interest towards licensed companies in the state. Others beg to differ.
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NYDFS Superintendent Maria Vullo Says Regulatory Structure Towards Cryptocurrencies Has Attracted Greater Interest
Attendees at the Conference of State Bank Supervisors (CSBS) spring meeting were told that the disputed Bitlicense stimulated the cryptocurrency industry. The NYDFS Superintendent Maria Vullo told the audience at the CSBS that customer protection is taken seriously in New York and “cybersecurity and AML standards are respected.” Vullo spoke of “fatal flaws” during the scandalous Mt Gox hack, and the following bankruptcy often in her speech; implying there was a significant need for regulation in 2014.
“Strong standards are important to our markets and consumers, as well as the companies that want to be best in class in providing financial services,” The NYDFS Superintendent explains during her speech.
The regulatory structure that we created for virtual currency has helped our licensed companies attract greater interest from customers, investors, and potential financial services partners seeking to pursue further innovation, while protecting market integrity by stringent standards applicable to all law-abiding business enterprises.
The NYDFS Superintendent Maria Vullo
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Vullo also spoke of Japan’s largest bitcoin exchange, the Tokyo-based Bitflyer, a firm that was recently approved by the NYDFS and granted the
