New Crypto Regulation On The Way In New York!

According to a report published by Reuters, one of the world’s most reliable news agencies, a new crypto money regulation is coming in New York, one of the most populated regions of the USA.

According to the news, the new regulation of the New York State Department of Financial Services NYDFS is on companies that provide crypto services. If the bill becomes official, NYDFS will require companies to keep their own crypto assets separately from crypto assets entrusted to customers.

Adrienne Harris, director of the Financial Services Department, said:

“We will ask companies that provide crypto services to explain how they calculate and reflect client assets on balance sheets.”

Harris stated that with the bankruptcy of FTX, an environment of lack of control emerged, but that they had planned this arrangement beforehand.

The state, which includes the world’s largest financial center Wall Street, is even ahead of many countries in crypto regulation. Both virtual and traditional finance licenses are required from all crypto companies wishing to operate in New York.

Linked to FTX Bankruptcy?

FTX, the popular crypto exchange of recent years, went bankrupt after it was understood that it lent client funds to its subsidiary Alamenda. The draft regulation planned by New York officials will prevent similar situations from happening again.

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