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Working Group In New York State To Study Crypto Sphere

12:20 03/01/2019

The authorities of the New York State will establish a task force for the study of blockchain technology and cryptocurrencies, CoinDesk reports, referring to a press release published by Clyde Vanel, a member of the State Assembly.

 

Andrew Cuomo, the State Governor, has signed a bill on creation of the relevant group. Its tasks include a detailed studying of blockchain, cryptos, and other types of digital assets.

The working group will include technology specialists, institutional and retail investors, researchers, and businessmen designated by the governor after agreeing with both chambers of the NY Legislature. The group will have to study all types of distributed technologies and prepare a detailed report by December 15, 2020.

 

The document should contain information on the best ways to regulate this area and apply these technologies in practice in New York. Moreover, the group should report on how crypto trading is conducted, and how these transactions can influence the tax process and other dimensions of financial activity.

The State has already got its own regulations regarding crypto activities — BitLicense. However, since its approval 4 years ago, only fourteen enterprises have received such permission. This document is not explicitly mentioned in the new draft law, although it is stated in Vanel’s press release that the cryptocurrency sphere has changed a lot since the license appeared.

 

As previously reported, the lawmakers of the State of Wyoming adopted a document allowing banks to conduct financial operations with cryptocurrencies.

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