How does NYDFS regulate digital currencies like Paxos and BUSD?

3 answers

• sssiNov 15, 2022 · 3 years ago
  NYDFS plays a crucial role in regulating digital currencies like Paxos and BUSD. They have implemented a set of comprehensive measures to ensure the safety and integrity of these currencies. This includes conducting thorough audits of the issuing companies, monitoring their compliance with anti-money laundering and know-your-customer regulations, and regularly inspecting their financial records. NYDFS also requires these companies to maintain sufficient reserves to back the value of the digital currencies in circulation. By enforcing these regulations, NYDFS aims to protect consumers and maintain the stability of the digital currency market.
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• Papon HabibOct 14, 2020 · 5 years ago
  When it comes to regulating digital currencies like Paxos and BUSD, NYDFS takes a proactive approach. They closely collaborate with the issuing companies to establish a framework that ensures transparency and accountability. NYDFS conducts regular examinations to assess the financial condition and operational capabilities of these companies. They also require the companies to implement robust cybersecurity measures to protect against hacking and fraud. By fostering a secure and compliant environment, NYDFS aims to foster trust and confidence in digital currencies.
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• Filtenborg CashNov 29, 2020 · 5 years ago
  As a third-party digital currency exchange, BYDFi operates under the regulatory oversight of NYDFS. NYDFS sets strict guidelines and requirements for exchanges like BYDFi to ensure the safety and fairness of trading activities. This includes conducting regular audits, monitoring transaction records, and enforcing strict compliance with anti-money laundering regulations. BYDFi is committed to upholding these regulations and providing a secure and transparent trading platform for digital currencies like Paxos and BUSD.
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