The New York State Department of Financial Services (NYDFS) launched a series of virtual currency initiatives on Wednesday. In a Twitter thread, NYDFS informed that Superintendent Linda Lacewell has signed an MoU with the State University of New York (SUNY), to launch a new virtual currency platform called SUNY BLOCK.
— NYDFS (@NYDFS) June 24, 2020
The news will definitely bring some good relief to millions of crypto enthusiasts in the US and elsewhere, who were anxious about the drift between the industry and the state, especially after Donald Trump criticized Bitcoin last year, accusing that it was used for terror funding and money laundering. The state department getting involved positively in the crypto space will bring in new users to the industry.
In the official press release on the website, NYDFS also proposed a conditional licensing framework, which would allow start-ups to enter the New York crypto markets easily. Commenting on the newly signed MoU, Superintendent Lacewell said,
Kristina Johnson, Chancellor of SUNY acknowledged the MoU as a part of Governor Andrew Cuomo’s efforts to create new opportunities in the state’s technology-driven industries. She further added that the collaborations like these are a key “to develop the next-generation of developers, researchers, and leaders.”
As per the conditional licensing policy, organizations can apply for a conditional license if they intend to partner with a start-up or any other entity already authorized by the NYDFS for crypto-related business activities. Also, the start-ups and other organizations that join the SUNY BLOCK program will get access to the opportunities arising out of the research and innovation by the university faculty, alumni, students, and the start-ups created by them. Interested companies can get in touch with these emerging start-ups and help them materialize their idea.
You will find further details here.