NYDFS Develops New Guidelines for Cryptocurrency Firms to Improve Client Server Standards

The New York State Department of Financial Services (NYDFS) released new guidance on May 30 to strengthen Client Server standards for virtual currency entities (VCEs). The guidance will take effect on November 1.
The New York State Department of Financial Services says these comprehensive guidelines are designed to ensure that VCE has robust Client Server mechanisms in place to deal with customer issues in a timely and efficient manner. VCE should keep its Client Server policy updated and comply with all relevant laws and regulations.
The DFS guidelines also require the VCE to designate personnel responsible for managing the Client Server and complaints procedures. The announcement is part of Superintendent Harris' VOLT program, which significantly expands the DFS 'ability to regulate the virtual currency industry.