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New York announces new measures to combat fraud with virtual currency

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  • Staff Report 

The New York State Department of Financial Services (DFS) announced a new set of measures on Tuesday to combat fraudulent activities and illegal conduct in virtual currency. The measures include provisions aimed at preventing insider trading and market manipulation.

DFS Superintendent Adrienne Harris described the regulations as a significant step in the supervision of the virtual currency industry, which is rapidly evolving and maturing. “These tools will help us combat financial crime and fraud, hold regulated entities accountable, and further strengthen our national leadership in virtual currency supervision,” Harris said.

The new measures are part of the state’s efforts to establish clearer guidelines for virtual currency trading and cryptocurrency. In the past, the DFS has issued guidance for the use of blockchain analytics and established criteria for dollar-backed “stablecoins.”

The new measures are designed to strengthen the state’s regulatory framework and prevent illegal activity and fraud in the virtual currency industry. The DFS is committed to protecting consumers and investors from financial crime and ensuring that regulated entities are held accountable for their actions. The new regulations are set to take effect immediately, and the DFS will work with industry stakeholders to ensure compliance.

As the use of virtual currency continues to grow, the state is determined to stay ahead of the curve and provide a safe and secure environment for investors and consumers alike. The DFS will continue to monitor the industry closely and take action to prevent any unlawful activities that may arise.

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