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.

NYDFS Superintendent Adrienne A. Harris is leading the initiative and stressed the importance of transparency and efficiency when providing customer service in the virtual currency space. She added:

“Consumers have a right to a transparent and timely process for handling complaints and queries, no matter which company or product is involved. These guidelines set clear standards to ensure a positive customer experience, which is good for consumers and businesses alike.”

Monitoring, reporting and compliance

The guidelines require VCEs to establish and maintain efficient customer service processes, including receiving customer inquiries and complaints through various means such as telephone and electronic text.

In addition, VCEs are required to regularly update customers and provide an estimated timeline for resolving issues, track the status of customer requests, and make FAQs easily accessible. When using artificial intelligence (AI) for customer service, customers must be informed at the start of the service and given the option to escalate their issue with a live representative.

VCEs will also be required to provide NYDFS with quarterly data detailing the number of customer service requests and complaints received, how they were submitted, and the subject matter handled. These reports must also include the average time it takes to resolve each issue.

The supervisory authority will review these records regularly and assess the effectiveness of the policies and procedures implemented through ongoing review and monitoring.

The Department of Financial Services (DFS) guidance also requires virtual currency entities (VCEs) to designate a responsible person to manage customer service and complaint procedures. This move is part of DFS’s broader strategy to increase regulatory oversight and enhance consumer protection in the evolving virtual currency market.

Improving the regulatory environment

Before finalizing these guidelines, the Department of Financial Services (DFS) conducted in-depth research and consultations with key stakeholders, incorporating their input into the new standards. This approach reflects DFS’s commitment to data-driven policy decisions and to flexible regulatory oversight.

This announcement is part of Commissioner Harris’s initiative called VOLT, which is designed to significantly increase the Department of Financial Services’ effectiveness in regulating the virtual currency industry.

Since the initiative’s launch, the program has engaged more than 60 experts, developed new policies, and enforced fines totaling $177 million against non-compliant virtual currency businesses.

Under Harris’ leadership, the Department of Financial Services (DFS) has issued eight regulatory guidances for the virtual currency industry designed to protect consumers, businesses, and markets and support the industry’s continued growth and development.

Conclusion:

Through this series of new guidelines, the New York Department of Financial Services (NYDFS) not only strengthens the regulatory framework for virtual currency entities (VCEs), but also clarifies specific requirements for improving customer service quality. These measures are expected to significantly increase consumer confidence and promote the healthy development of the virtual currency market. With the implementation of these guidelines, we look forward to seeing a more transparent, efficient and user-friendly cryptocurrency service environment. #NYDFS #监管 #服务标准