The top financial regulator in New York announced on Thursday that it has released new guidelines for bitcoin service providers to gather pertinent data in order to evaluate whether or not they are handling customer service requests and complaints in a timely and equitable manner.
The New York State Department of Financial Services’ guidelines outlines what it considers to be “expectations” from cryptocurrency service providers, including reporting and response and resolution monitoring practices.
According to the guidance, service providers must keep policy records, which must include a “quarterly analysis of requests and complaints they receive.” According to the guidelines, cryptocurrency companies must also give their consumers a way to send requests and complaints by text message or phone.
“Regardless of the company or product in question, consumers have a right to a transparent and timely process for resolving complaints and answering questions,” stated NYDFS Superintendent Adrienne A. Harris. “Clients and businesses alike gain from this guidance’s explicit expectations for a positive customer experience.” According to the NYDFS, extensive research that included consultations with important stakeholders preceded the approval of this policy.
To conduct business in New York, cryptocurrency enterprises must adhere to NYDFS regulations. Known as Operation Choke Point 2.0, speculations positing a concerted attempt by US regulators to cut off the cryptocurrency business from the financial system have already been written down by Harris as “ludicrous” and “silly.”
Crypto firms now have to submit their coin listing and delisting policies for approval, as per the tighter criteria the NYDFS implemented last year for cryptocurrency listing and delisting. According to the DFS on Thursday, as of right now, the NYDFS has fined cryptocurrency companies that violated various parts of the law more than $177 million.