New York Department of Financial Services is looking towards digitizing financial reporting based on crypto firms. Launched as New York’s first-ever tech sprint, the initiative seeks to provide regulators instant access to data provided by <a href="https://www.cryptoknowmics.com/news/new-yorks-crypto-firms-will-provide-plans-to-deal-coronavirus-outbreak/">crypto firms</a> under its supervision.
<h2><strong>Initial Focus of New York Department of Financial Services</strong></h2>
On October 15, New York Department of Financial Services (NYDFS)’s Superintendent Linda A. Lacewell announced the tech sprint initiative in a <a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202010151">press release</a>.

The initiative will initially focus on cryptocurrency companies due to their higher proficiencies in the digital arena.

Linda A. Lacewell commented:

“The future of financial supervision is digital and needs to happen now. With this first-ever Techsprint series, the Department is making progress towards automating the reporting of financial and operational data by our regulated entities, enhancing collaboration between the Department and industry, and helping to foster a safer marketplace for the consumers who depend on it.”

With an increasingly digital world, regulators need instant access to information on the finance and operational conditions of firms they oversee. The pandemic made this more apparent by delaying reporting for most firms as regulators had to follow social distancing rules.
<h2><strong> Bringing Fintech and Crypto Professionals Under A Common Standard</strong></h2>
Alliance for Innovative Regulation and the Conference of State Bank Supervisors will team up with the New York financial regulator on the initiative.

John W. Ryan, President and CEO at CSBS, said:

“This tech sprint is a great example of the state system’s commitment to flexible and timely access to data. The pandemic has emphasized how real-time data can empower the system.”

The initiative is expected to bring together fintech and crypto professionals to work on solutions related to a digital reporting initiative. NYDFS will then leverage the proposed solutions to develop a common standard. Design workshops are scheduled for the fourth fiscal quarter of 2020, with TechSprint occurring by early 2021.

New York’s Financial Regulator Focus on Crypto Firms For Digitized Financial Reporting

New York Department of Financial Services is looking towards digitizing financial reporting based on crypto firms to provide instant access to data.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

New York’s Financial Regulator Focus on Crypto Firms For Digitized Financial Reporting

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