The New York State Department of Financial Services now requ

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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

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