New York Regulator Requests for COVID-19 Preparedness Plans from Crypto Firms

News / 14.03.2020

The COVID-19 pandemic continues to cost so many lives and has had adverse impact on the world’s economy. Every Nation, institution and organization has set up their preparedness plans, as means of controlling the spread of the virus. The crypto industry, though a decentralized space, has not been left out.

The New York State Department of Financial Services (NYDFS) has on Thursday issued a directive to all crypto firms under its oversight, requesting that they submit their COVID-19 preparedness plans. The letter noted that, the COVID-19 has already had adverse economic effects and it’s crucial that every regulated entity develop plans to address risks arising from the pandemic.

According to the NYDFS directive, every institution’s plan, at a minimum, should include items such as preventive measures, Employee protection strategies, and a documented strategy addressing the impact of the pandemic in stages, among several other details. They are also to include assessment of potential increased risk of cyber-attacks and fraud due to the pandemic.

The NYDFS has given all the institutions up to the next 30 days to submit their plans, but it claims the earlier the better.

Interestingly, Coinbase, among the regulated firms by the NYDFS shared its COVID-19 preparation plans last month. It includes 4 tiers, starting from tier 0 to tier 3. During the last tier, which is tier 3, all employees will be required to work from home.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.