The New York Department of Financial Services has issued a requirement that all institutions engaged in virtual currency businesses to have a preparedness plan due to the impact of the Coronavirus or COVID-19.
Virtual currency businesses regulated in the state of New York are not alone as other financial services sectors have received a similar demand by the regulator.
To quote NYDFS:
“COVID-19 has already had adverse economic effects domestically and globally. It is critical that each regulated entity establish plans to address how it will manage the effects of the outbreak and assess disruptions and other risks to its services and operations.
To that end, DFS requires that each regulated institution submit a response to DFS describing the institution’s plan of preparedness to manage the risk of disruption to its services and operations. Responses are to be provided to DFS as soon as possible and in no event later than thirty (30) days from the date of this letter. Please submit your responses to the following designated email address: [email protected]
An institution’s preparedness plan should be sufficiently flexible to effectively address a range of possible…
