Bitcoin Forum

NY Regulator Argues BitLicense Regulation Boosted Businesses

The New York State Department of Financial Services (NYDFS) is taking steps to defend its much-contested track record as an early regulator of cryptocurrency.

In remarks at this year's Conference of State Bank Supervisors Tuesday, NYDFS superintendent Maria Vullo discussed the agency's efforts to police the cryptocurrency space, touting the state's technology-specific licensing regime, the BitLicense, as an example of how her agency has contributed to the maturation of the industry.

Because the agency's role is to protect consumers, cryptocurrencies needed to be regulated, and these regulations, she argued, have benefited the space

She told attendees:

"The regulatory structure that we created for virtual currency has helped our licensed companies attract greater interest from customers, investors, and potential financial services partners seeking to pursue further innovation, while protecting market integrity by stringent standards applicable to all law-abiding business enterprises."

https://www.coindesk.com/ny-regulator-argues-bitlicense-regulation-boosted-businesses/