Cryptocurrency companies will enter the financial reporting in a digital format from NYDFS
The department of financial services of the state of New York (NYDFS) will inculcate the system of the digital financial accounting for cryptocurrency companies within the framework of technological initiative of Tech Sprint.
Superquarter master of NYDFS Linda Lacewell declared in a press-release about new technological initiative for introduction of the digital accounting of Tech Sprint, that will allow to the regulator to get “instantaneous access” to data of firms being under his control.
“Future of financial supervision after digital technologies, and time of them to inculcate” came, – Lacewell said. According to her, NYDFS “aspires to automation of accounting” from financial data through the controlled subdivisions of department. The operators of cryptocurrency services will pass the first to the digital financial reporting, because have “front-rank digital possibilities”.
NYDFS marks problems with quality of data that arise up from the use of out-of-date formats of accounting with cryptocurrency companies. A regulator will cooperate with Association of organs of state bank supervision and Alliance for the innovative adjusting for the start of TechSprint. Soon specialists in area of financial technologies, regulative organs and experts, working on decisions on the observance of normative requirements, will gather together, to offer possible solutions on the start of initiative. These decisions can be varied from the improvements of processes to the working prototype of accounting mechanism. The set of general standards, that will be presented in a technical environment with an open source code and afterwards will be accepted NYDFS and, maybe, other regulative organs, will be worked out in the total. Meeting is pre-arranged on the fourth financial quarter of this year, and TechSprint it is planned to start at the beginning of 2021.
In the USA the activity related to cryptocurrencies under control at once a few departments. Securities and exchange commission (SEC) regulate digital currencies with properties of securities, and Commission on urgent exchange trade (CFTC) is exchange commodities and cryptoderivates. A federal commission on insurance of holding (FDIC) controls participation of banks in the field of cryptoassets. Also an important role is played by Management of Ministry of finance the USA on a fight against financial crimes (FinCEN), that, for example, intends to control steiblcoins. CFTC differs from the above-stated organizations less hard approach. In particular, head of department Hit Тarbert considers that digital currencies do not carry system risks for the financial system, if the question is not about some global steiblcoin .
