New York State Division of Monetary Providers (NYDFS) superintendent, Adrienne Harris, met with a delegation led by Danmarks Nationalbank governor, Signe Krogstrup, earlier within the week.
In response to a tweet by the NYDFS, Adrienne Harris met with Danish central financial institution governor Signe Krogstrup to debate international monetary stability and ongoing coordination concerning digital forex regulation.
Not a lot was divulged concerning the content material of the assembly, but it surely comes within the wake of the European Parliament passing the Markets in Cryptoassets (MiCA) rules anticipated to manipulate cryptocurrencies and related applied sciences and companies in Europe.
Harris is pushing for crypto rules
Superintendent Harris has been vocal about her views on cryptocurrency and has taken a number of actions to make sure that crypto corporations adjust to the state’s legal guidelines and rules.
One in every of Harris’s foremost issues is the compliance of crypto corporations with the anti-money laundering (AML) and cybersecurity necessities of the NYDFS.
She introduced a number of settlements with crypto corporations that violated these guidelines, comparable to Coinbase, which agreed to pay $50m for important failures in its AML program, and Robinhood Crypto, which agreed to pay $30m for comparable violations.
Harris additionally issued new regulatory steerage on issuing U.S. dollar-backed stablecoins, setting foundational standards for his or her backing, redeemability, reserve necessities, and unbiased audits.
Much like New York, digital belongings in Denmark are topic to AML and terror financing prevention measures. In Denmark, these measures implement the EU’s Fifth Anti-Money Laundering Directive, which means that crypto companies, comparable to exchanges, custodian pockets suppliers, and ICO issuers, need to register with the FSA and adjust to sure obligations, comparable to buyer due diligence, record-keeping, and reporting of suspicious transactions.
Coinbase meets SEC
Elsewhere, Coinbase CEO Brian Armstrong reportedly had a particular assembly with the Securities and Trade Fee (SEC).
The assembly got here within the aftermath of the monetary authority issuing a “Wells notice” to the crypto change concerning their itemizing of a number of digital belongings, staking merchandise, and pockets companies.
Regardless of Coinbase’s regulatory woes, Armstrong claimed that the crypto change would proceed to work for a transparent rule e book for crypto corporations in america. He additionally famous that the U.S. couldn’t afford to overlook the chance to modernize its banking system.
Nevertheless, based on the Coinbase CEO, regulators should set up applicable insurance policies after which proceed to implement them.
The dialogue between Armstrong and the SEC follows his latest assembly with members of Congress.
In response to reviews, Armstrong instructed the legislators that the SEC’s actions had introduced untold hurt to the nation. He additionally added that the crypto trade was gearing up to combat again.
