The new rules, which will take effect on November 1, reflect the New York Department of Financial Services’ expectations that crypto companies handle customer service requests and complaints promptly and fairly.
The New York State Department of Financial Services (NYDFS) released new guidelines on May 30 aimed at improving customer service standards for virtual currency entities (VCEs). The regulations will reportedly take effect on November 1.
Clear guidelines
NYDFS emphasized that the purpose of this new set of detailed guidelines is to ensure that virtual currency entities (VCEs) can establish a strong customer service system that will be able to promptly and effectively resolve customer issues. In addition, VCEs need to continuously update their customer service policies and ensure that these policies comply with all relevant laws and regulations.