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The New York Department of Financial Services (DFS) has scheduled its first-ever “Techsprint” that will take place in 2021. The event will focus on digital regulatory reporting for virtual currency companies.
As New York is a global financial hub, many Fintech firms are based in the state. DFS has also been at the forefront of regulating digital asset firms. DFS said it will collaborate with the Conference of State Bank Supervisors (CSBS) and the Alliance for Innovative Regulation (AIR). Regulatory Technology, or Regtech, is a hot subset of Fintech as much compliance can be automated thus streamlining the regulatory process.
DFS said this effort comes in the context of a trend by global financial regulators to employ Techsprints as a mechanism to rapidly prototype technology solutions to key supervisory problems.” The objective is to create a common Digital Regulatory Reporting (DRR) ecosystem.
New York Superintendent of Financial Services Linda A. Lacewell commented on the announcement:
“The future of financial supervision is digital and needs to happen now. With this first-ever Techsprint series, the Department is making progress towards automating the reporting of financial and operational data by our regulated entities, enhancing collaboration between the Department and industry, and helping to foster …
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