New York to form cryptocurrency task force

New York to form cryptocurrency task force

New York State is to set up a cryptocurrency task force to study how to properly regulate, define and use alternative digital currencies and the technology that underpins them, blockchain.

Members of the task force, appointed by the Governor, Senate and Assembly, are to submit reports by December 15, 2020. The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.

One subject under review will be New York's BitLicensing regime, which was introduced four years ago to protect New Yorkers on cryptocurrency exchanges and which may have passed its useful shelf-life.

Clyde Vanel, NYS Assemblyman, and chair of the Subcommittee on Internet and New Technologies states: “New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The policy implications of digital asset trading is taxing authorities the world over. The news about the New York task force comes at the same time as the South African government moves to set up its own body, with members drawn from the Financial Intelligence Centre, Financial Sector Conduct Authority, Treasury, the Reserve Bank and the SA Revenue Service.

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