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NYDFS publishes guidelines on the importance of segregation and separate bookkeeping for customer money in the crypto industry - regulation
On Monday, the New York finance Ministry (NYDFS) published guidelines on depot structures to protect customers' money when a crypto company goes bankrupt. The Supreme Financial Supervisory Authority of New York emphasized that companies should not mix customer money and that customer money should be separated and run separately. FTX Collapse calls on NYDFS to publish guidelines on the regulations for custody banks for virtual currencies after the recent collapse of FTX and allegations against its co-founder Sam Bankman-Fried and leading deputy, the New York finance ministry (NYDFS) is published in which customer assets are described in detail, which of a business with a business Currencies are kept ...
NYDFS publishes guidelines on the importance of segregation and separate bookkeeping for customer money in the crypto industry - regulation
On Monday, the New York finance Ministry (NYDFS) released guidelines on depot structures to protect customers' money when a crypto company goes bankrupt. The Supreme Financial Supervisory Authority of New York emphasized that companies should not mix customer funds and that customer money should be separated and run separately.
ftx Collapse asks NYDFS to publish guidelines on the regulations for depot banks for virtual currencies
After the recent collapse of FTX and allegations against his co-founder Sam Bankman-Fried and leading deputy, the New York Finance Ministry of Finance Service (NYDFS) has published guidelines in which it is described in detail that customer assets that have to be kept by a business with virtual currencies.
The guidelines were published by Adrienne Harris, the superintendent of the NYDFS, and the supervisory authority insists that the storage team must use virtual currencies to protect a "safe framework of regulation" to protect customers and to maintain trust. The NYDFS guideline offers a summary of four different guidelines and standards that virtual currency units (VCES) should adhere to. The four guidelines are as follows:
- Separation and separate bookkeeping of the virtual currency of the customer;
- Limited interest of the VCE depotbank and use of the virtual currency of the customer;
- Sub-negotiation agreements; and
- disclosure of the customer.
"In order to properly keep the customer's virtual currency and lead appropriate books and records, a VCE attitude is expected to pay and separate the virtual currency of the customer separately from the company's company assets and its connected companies, both in the chain and in the internal book of the VCE accounting agency," explains the New York supervisory authority.
The supervisory authority continued that depot banks should have a limited interest in customer funds and the use of a customer's virtual assets. "If a customer transfers the possession of a wealth value for the purpose of custody to a VCE custody, the department expects the VCE career to take possession of the property for the limited purpose of providing storage and custody services," explains the NYDFS directive.
What do you think of the guidelines of the NYDFs to depot structures for customer protection in the event of bankruptcy of a crypto company? Share your thoughts on this topic in the comment area below.
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