New York Bank Blockchain Receives Approval Of Regulator
The NY Financial Services Department (NYDFS) has officially permitted the use of the blockchain platform of the local Signature Bank, as follows from the regulator’s press release.
Maria T. Vullo, the chief of NYDFS, stated that the authority had approved payments on Signet, the blockchain platform of Signature Bank, in the state of New York. Customers will be able to make transactions around the clock without fees.
Transfer of funds will be carried out in real time between two customers of the bank without intermediaries. The press release says that the Signet distributed ledger was subject to a comprehensive and thorough verification for compliance with all regulatory requirements. First of all, they include the protection of clients from fraudsters and the implementation of anti-money laundering rules (AML).
By endorsing the use of such products as Signet, New York continues to support financial innovations based on balanced government regulation, Vullo stressed.
Signature Bank has 30 offices throughout the state and offers its customers a full range of services. Currently, the institution’s assets amount to $45.87 billion. The Signet blockchain platform will start operating on January 1, 2019.
As previously reported, the New York State Department of Financial Services granted BitLicense to NYDIG Execution for crypto operations.