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New York regulator and Danish central bank governor discussed crypto regulation

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Bluelight – economic strategy1

Bluelight – economic strategy1

New York State Department of Financial Services (NYDFS) superintendent, Adrienne Harris, met with a delegation led by Danmarks Nationalbank governor, Signe Krogstrup, earlier in the week.

According to a tweet by the NYDFS, Adrienne Harris met with Danish central bank governor Signe Krogstrup to discuss global financial stability and ongoing coordination regarding virtual currency regulation.

Not much was divulged about the content of the meeting, but it comes in the wake of the European Parliament passing the Markets in Cryptoassets (MiCA) regulations expected to govern cryptocurrencies and associated technologies and services in Europe.

Harris is pushing for crypto regulations

Superintendent Harris has been vocal about her views on cryptocurrency and has taken several actions to ensure that crypto companies comply with the state’s laws and regulations.

One of Harris’s main concerns is the compliance of crypto companies with the anti-money laundering (AML) and cybersecurity requirements of the NYDFS. 

She announced several settlements with crypto companies that violated these rules, such as Coinbase, which agreed to pay $50m for significant failures in its AML program, and Robinhood Crypto, which agreed to pay $30m for similar violations.

Harris also issued new regulatory guidance on issuing U.S. dollar-backed stablecoins, setting foundational criteria for their backing, redeemability, reserve requirements, and independent audits.

Similar to New York, digital assets in Denmark are subject to AML and terror financing prevention measures. In Denmark, those measures implement the EU’s Fifth Anti-Money Laundering Directive, meaning that crypto businesses, such as exchanges, custodian wallet providers, and ICO issuers, have to register with the FSA and comply with certain obligations, such as customer due diligence, record-keeping, and reporting of suspicious transactions.

Coinbase meets SEC

Elsewhere, Coinbase CEO Brian Armstrong reportedly had a special meeting with the Securities and Exchange Commission (SEC). 

The meeting came in the aftermath of the financial authority issuing a “Wells notice” to the crypto exchange regarding their listing of several digital assets, staking products, and wallet services.

Despite Coinbase’s regulatory woes, Armstrong claimed that the crypto exchange would continue to work for a clear rule book for crypto companies in the United States. He also noted that the U.S. could not afford to miss the opportunity to modernize its banking system.

However, according to the Coinbase CEO, regulators must establish appropriate policies and then proceed to enforce them.

The discussion between Armstrong and the SEC follows his recent meeting with members of Congress.

According to reports, Armstrong told the legislators that the SEC’s actions had brought untold harm to the nation. He also added that the crypto industry was gearing up to fight back.

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