New York is one of the American states with the strictest cryptocurrency laws, and now it looks like they are cementing their crypto supervisory staff. According to the ad, the state is looking for a Deputy Superintendent for Virtual Currency, who is a departmental official responsible for creating and enforcing regulatory policies for the crypto space in New York. This will include crypto-related businesses, tokens, as well as other regulators that would be collaborating with the agency.
Once hired, the responsibilities of the Superintendent will fall under the Division of Research and Innovation, which is a special business unit that focuses on cryptocurrencies and blockchain. The unit was established on July 2019 by the NYDFS.
The application is open until October 31 for the ideal candidate, who should be well versed with blockchain and the crypto space, sufficient knowledge of relevant markets, in addition to a law degree or an MBA.
New York Is Serious
New York is one of America’s biggest financial markets. Consequently, any crypto company that wishes to progress in the U.S. must tap into the potential of New York’s market. However, as noted earlier, the state is not easy for crypto ventures to penetrate.
The NYDFS established the Research and Innovation Division to handle the role of tracking the technological advancements in banking, insurance, and FinTech. The department aimed to assess emerging technologies in these areas and come up with necessary regulations. For instance, the Virtual Currency License is the most prominent regulatory roadblocks. Created in 2015, New York State requires every crypto company within her territory to have the license (popularly known as BitiLicense). However, the license comes with some controversies.
Featured image: fodors.com