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New York DFS Establishes New Division to Oversee Cryptocurrency Regulation and Licensing

Coinspeaker New York DFS Establishes New Division to Oversee Cryptocurrency Regulation and LicensingLinda A. Lacewell, the recently confirmed superintendent of the New York State Department of Financial Services (NYDFS), has recently announced the creation of a new department at the state’s financial regulator called the Research and Innovation Division. Among other things, the new department will be responsible for the licensing and supervision of all cryptocurrency businesses in the state.This development was made known in a statement published on the Department’s website, which also named a few appointments as executives of the division.The statement reads:“The financial services regulatory landscape needs to evolve and adapt as innovation in banking, insurance and regulatory technology continues to grow. This new division and these appointments position DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyse market data to strengthen New York’s standing as the center of financial innovation.”The Research and Innovation Division, apart from governing cryptocurrency firms specifically, will also be responsible for keeping track with all technological innovations in the sector even outside of the state, with the aim of making sure that New York becomes the most supportive and conducive state for all technological growth and business. While doing this, the division will focus on privacy and the protection of consumers and all their data as well.New Executive AppointmentsAs part of the announcement, four new executives to oversee the division were also disclosed.Matthew Homer was named as the Executive Deputy Superintendent for the new division. Homer has experience with Federal Deposit Insurance Corporation and also the U.S. Agency for International Development (USAID). He has also been recently appointed as the Head of Policy and Research at a fintech firm in the state – Quovo.Olivia Bumgardner and Matthew Siegel were also both named as Deputy Superintendents. Bumgardner is the current DFS Director of Research and has been a key player with the department regarding projects surrounding cybersecurity and virtual currency.Siegel was a Trial Attorney with the U.S. Department of Justice and has also served as an Assistant Attorney General with the state’s Antitrust Bureau. He has experience with litigations in various sectors including health care, real estate, telecommunications and also financial services.The official Counsel to the division is Andrew Lucas. Lucas has served at the state’s Law Department and was the Director for the DFS’ Office of Financial Innovation.New York Crypto Task ForceBack in January, the New York Legislature proposed the creation of a crypto task force and has now selected a team of six, to serve as the founding members of the Digital Currency Taskforce. According to Clyde Vanel, the team consists of the following experts:Joseph Lubin – Founder of ConsenSysSandra Ro – CEO of Global Blockchain Business CouncilYaya Fanusie – Adjunct Fellow at the Defense of Democracies FoundationYork Rhodes – Co-Founder of Blockchain at MicrosoftRyan Zagone – Director of Regulatory Relations at RippleAaron Wright – Professor of Law at Cardozo School of LawThe team is expected to work with the State for the definition, regulation and application of virtual assets.New York DFS Establishes New Division to Oversee Cryptocurrency Regulation and Licensing
Coinspeaker

New York DFS Announces Research and Innovation Division, Virtual Currencies in Focus

In a press release from the Department of Financial Services (DFS), published July 23, 2019, superintendent Linda A. Lacewell announced a new Research and Innovation division as well as appointments for the new division to position DFS as a “regulator of the future”.   Who’s in? When it who comes to who will be leading thisRead MoreRead More. The post by Nigel Dollentas appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

New York DFS grants BitLicense to Seed CX to provide service to institutions

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceFinancial Services Superintendent Linda A. Lacewell announced today that the New York State Department of Financial Services (DFS) has approved the applications of Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC for virtual currency licenses, and has approved Zero Hash for a money transmitter license. SCXM and Zero Hash are both subsidiaries of […]https://www.cryptoninjas.net/2019/07/15/new-york-dfs-grants-bitlicense-to-seed-cx-to-provide-service-to-institutions/
CryptoNinjas

U. K. Financial Ltd. Signs Partnership and Purchase Agreement with Digital Fantasy Sports (DFS)

Coinspeaker U. K. Financial Ltd. Signs Partnership and Purchase Agreement with Digital Fantasy Sports (DFS)K. Financial Ltd., the creator of the gold and silver backed stablecoin, Maya Preferred 223, announced today that the company has signed a definite partnership agreement and is also in a 90-day due diligence process period to buy out the over 51% control of Digital Fantasy Sports (DFS) tokens.Part of the Maya Preferred business plan is to stabilize the cryptocurrency market by using its own coin to back other cryptocurrencies and tokens with gold and silver reserves. Part of the buyout agreement between U. K. Financial Ltd. and Digital Fantasy Sports is that UK Financial Ltd. has agreed to use Maya Preferred 223 (MAPR) to back Digital Fantasy Sports with $2.50 per DFS token, giving the DFS token a, now, book value of $2.50. This backing will begin once definite acquisition documents of the 51% token sale have been signed, which will be within the next 90 days.Over the past 3 weeks, U. K. Financial Ltd has been purchasing DFS tokens through it’s CoinDeal Exchange account and has plans to continue buying as many of the tokens as it feels is necessary to stabilize the market prior to the definite acquisition document being signed.James Dahlke, President of both U. K. Financial Ltd and Maya Preferred 223, states:“Maya Preferred 223 is becoming very active in the cryptocurrency world.”“Mr. Jeremy Munter, president and CEO of Digital Fantasy Sports, has been nothing but a pleasure to work with and he is putting the coin holders first before himself in the agreement. We are looking forward to this partnership with DFS, since it will seriously strengthen our position on the market”About Digital Fantasy Sports (DFS)Digital Fantasy Sports (DFS) is the Global Leader of Fantasy Sports. DFS created a cryptocurrency (DFS Token) for engaged sports fans. Most of that engagement orbits around Fantasy Sports and eSports, from Weekly NFL pick’em tournaments, to playing at the table, to eSports video game tournaments, to the frenzied competition of Daily Fantasy Sports.About U. K. Financial LtdU.K Financial Ltd., is a fintech corporation formed in the United Kingdom, dedicating itself and its business plan to becoming a creator of and holdings company for all types of cryptocurrency investments.U. K. Financial Ltd. Signs Partnership and Purchase Agreement with Digital Fantasy Sports (DFS)
Coinspeaker

BitLicense Application for Bittrex Exchange Is Denied By New York DFS Office

In New York, there are strict policies regarding the operation of an exchange. The only way to legally operate in the state is by applying for and being approved for a BitLicense. Considering this rule, the Bittrex exchange decided to apply for their own BitLicense, which was denied on Wednesday. The New York Department of […]
Bitcoin Exchange Guide
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Privacy-focused Brave browser boasts 8M monthly active users

Privacy-focused internet browser Brave has hit 8 million-mark in terms of monthly active users. Announcing the news on Wednesday, Brave said daily active users, on the other hand, have surpassed the 2.8 million mark. The browser, with opt-in blockchain functionality, also compensates content creators, users and advertisers in its native Basic Attention Token (BAT) for viewing online ads. Brave said it has delivered nearly 400 ad campaigns to date. The browser maker further said that it now has over 290,000 verified publishers - 200,000 of those are YouTube creators, 33,000 website publishers, 15,000 Twitch streamers and 28,000 are Twitter accounts. Brave also offers a cryptocurrency wallet for ether (ETH), ERC-20 tokens and collectibles, including BAT.
The Block Crypto

Binance CEO: BNB no longer reliant on reducing supply to increase value

Today, Binance exchange announced that they had completed their 9th quarterly BNB token burn in accordance with the token’s whitepaper. Over 2 million BNB worth around $36.7 million was burnt during this process. This is the second-largest burn of BNB tokens in terms of U.S. dollar value, trailing only behind their 2nd quarterly burn of 1.8 […] The post Binance CEO: BNB no longer reliant on reducing supply to increase value appeared first on AMBCrypto.
AMBCrypto

Crypto.com - OKEx Pool to Offer CRO Staking to Millions of OKEx Users

HONG KONG, Oct. 17, 2019 /PRNewswire/ -- Crypto.com has partnered with OKEx Pool to offer its staking service for Crypto.com Coin (CRO). The millions of OKEx users now can conveniently stake CRO and enjoy staking rewards on the OKEx platform. Crypto.com Chain is a high-performing blockchain powering the crypto payment solution Crypto.com Pay, which allows users to pay or get paid in crypto anywhere, thus driving cryptocurrency adoption globally. The Crypto.com Chain Thaler testnet (alpha version) was launched in September 2019. When the Crypto.com Chain Mainnet goes live, it will be entrusted with key roles on the network, including but not limited to: Execute settlement Order transactions Verify all transactions Provide an escrow ("Proof of Goods & Services Delivered") service ...Full story available on Benzinga.com
Benzinga

Why Satoshi Nakamoto Created Bitcoin?

Through Innovation, everyone aims at changing the plan of action and making changes in the current condition to conduct better items or services. Productive development ought to be an important piece of one's business technique, where someone can make a culture of innovation and make a way for creative thinking. It can also increase the likelihood of one's business succeeding and can create more efficient processes that can result in better productivity and performance. Innovation and creativity are what should someone have to make a difference in the world. One of the most innovative advancement today is the creation of bitcoin. As said to this article, Bitcoin has been the preeminent cryptocurrency since its inception and continues to lead all others by a significant margin. Let’s look at some of the statistics: There are nearly 18 million BTC in circulation and, with a current price of around $8,300, that puts the market cap at over $150 billion. With a daily volume of over $15 billion, Bitcoin trades more than double the next highest-ranked cryptocurrency. To see just how significant Bitcoin is on the global market, it can be useful to look at the user numbers as well. Even though the bitcoin market already reached a legendary status in the crypto world, The creator of Bitcoin has managed to remain anonymous for over a decade. Just using Satoshi Nakamoto as a pseudonym. But why did he created bitcoin and remain unknown to everyone. One of the reasons is to solve some societal problems easily, Satoshi came up with creative answers to solve certain problems in the business. Many times an individual face problems that don’t seem to go away. The answer is to think outside the box to find an answer one never come up with. This way one can make a product, a creative solution to the problems face in the market and make one's business better. Keep in mind that thinking innovatively is the easiest way to beat competitors in the market. Just like what bitcoin did, it dominates the cryptocurrency transactions and remain the number 1 cryptocurrency on the Coinmarketcap. It seems that perhaps the achievements of bitcoin it's impossible to know the true Satoshi. He has become a larger than life character; people have heaped upon him so much of their ideas about who he should be and how he should act, that no one person can live up to the idea that Satoshi has become.
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