The United States of America announced that it had approved the New York Department of Financial Services (NYDFS) as the first official regulator to monitor and evaluate crypto companies and issued a new regulation on how to conduct evaluation and allow them to take fees from the companies they supervise.
The NYDFS said in a statement on Monday that the regulation will require companies to meet strict standards for capitalization, cybersecurity protection, and anti-money laundering protocols.
“As the nation's first cryptocurrency regulator, New York has created a framework that sets the highest standards for safety and consumer protection,” said NYDFS Director Adrian Harris.
“This regulation provides the administration with additional tools and resources to regulate the cryptocurrency industry now and in the future