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But in fact, a number of prominent companies have for years been expanding their stablecoin holdings and uses around the globe, especially outside the US. Stablecoin issuers have Yesterday, the New York State Department of Financial Services (NYDFS) issued regulatory guidance for stablecoins issued by DFS-regulated entities. It wants to see The New York Department of Financial Services has issued new compliance requirements for issuers of US dollar-backed stablecoins. The guidance builds on informal DFS imposes analogous requirements on New York State limited purpose trust companies that engage in virtual currency business activity and, accordingly, these For us in New York, we've got strong regulations on the books. We've added to that with guidance in particular about Stablecoins. We're engaging here in DC with The NYDFS guidance now requires a monthly examination by a licensed CPA of the issuing management's assertions on the: 1) End-of-day market value of the Reserve (with

New York Lays Down New Guidance for Stablecoins: What You Need to Know

The landscape for stablecoins in New York is shifting. Yesterday, the New York State Department of Financial Services (NYDFS) issued regulatory guidance for stablecoins issued by DFS-regulated entities. This new guidance represents a significant step in clarifying the rules of the road for stablecoin issuers operating within the state.

Understanding the New NYDFS Stablecoin Guidance

The New York Department of Financial Services has issued new compliance requirements for issuers of US dollar-backed stablecoins. The guidance builds on informal requirements already in place, formalizing the state's approach to oversight. For us in New York, we've got strong regulations on the books. We've added to that with guidance in particular about Stablecoins. We're engaging here in DC with regulators, aiming to foster responsible innovation.

Key Aspects of the New Guidance

The NYDFS wants to see rigorous standards maintained by stablecoin issuers. These standards are designed to ensure the stability and security of these digital assets. DFS imposes analogous requirements on New York State limited purpose trust companies that engage in virtual currency business activity and, accordingly, these regulations are critically important. The NYDFS guidance now requires a monthly examination by a licensed CPA of the issuing management's assertions on the: 1) End-of-day market value of the Reserve (with specifics on the assets backing the stablecoins).

Global Implications of NY's Stablecoin Regulations

While New York tightens its regulations, it's important to note the global context. But in fact, a number of prominent companies have for years been expanding their stablecoin holdings and uses around the globe, especially outside the US. Stablecoin issuers have been navigating diverse regulatory environments worldwide, and New York's approach adds another layer to this complex picture.

Stay tuned for more updates as the implementation of this new guidance unfolds. We will continue to analyze the impact on stablecoin issuers and the broader cryptocurrency market.

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