• The New York Department of Financial Services (NYDFS) has issued new guidelines to assist clients in securing their money in the cryptocurrency market.
  • The new guidelines demand that customers’ assets be kept separate from the company’s funds on their storage platforms.
  • The new regulation became essential due to a succession of bankruptcies in the business, which caused numerous consumers to suffer for no fault on their part.
  • The regulator has ordered that both off-chain and on-chain asset storage must ensure that funds from both categories are not combined.
  • The goal of the new regulation, as stated in a document titled “Virtual Currency Guidance” signed by Adrienne A. Harris, NYDFS Superintendent of Financial Services, is to stress solid custody and transparency practices.

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Mridul Srivastava

By Mridul Srivastava

Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.