New York Financial Services Department establishes research and innovation department to oversee cryptocurrency business

The New York State Department of Financial Services (NYDFS) is a financial regulator in New York State that is moving an internal team responsible for overseeing cryptocurrency operations to a new department. A statement shows that NYDFS has established a research and innovation department within it that will be responsible for tracking emerging financial technologies and for authorizing and supervising virtual currency. Linda Lacewell, the newly appointed director of the department, said, “With the ever-changing innovations in banking, insurance and regulatory technology, the regulatory framework for financial services needs to evolve and adapt.”