The New York State Department of Financial Services now requires cryptocurrency service providers to implement complaint resolution mechanisms. 😮

The regulator will evaluate the implementation and effectiveness of these policies in resolving customer service requests.

Crypto companies are required to keep policy records, including a “quarterly analysis” of requests and complaints. They also need to provide both telephone and electronic text mechanisms to submit requests and complaints to customers. 📞💻

NYDFS said the adoption of this policy followed an in-depth study that included meetings with key stakeholders.

So far, NYDFS has fined more than $177 million on cryptocurrency companies that fail to comply with different aspects of the law.

So what do you think? Is this a good step for the crypto world or just another bureaucratic hurdle? We are waiting your comments! 😄👇#DeFi#Web3