“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 a safer marketplace for the consumers who depend on it.”
Linda A Lacewell, Superintendent of DFS
DFS is the nation’s premier regulator of virtual currency business activity.
In partnership with the Conference of State Bank Supervisors and the Alliance for Innovative Regulation, DFS will sponsor a techsprint to design a Digital Regulatory Reporting mechanism for virtual currency companies. The objective of this exercise is to lay the groundwork for an open source technical framework that could be adopted by DFS and other regulators to better collect and monitor data from regulated entities.
The techsprint will convene stakeholders in virtual currency, regulators and technologists working on regulatory compliance solutions. Design workshops are planned for this fall, with the techsprint itself anticipated to take place in early 2021.
How to Participate
Please use the links below to indicate your interest in participating in the DFS techsprint on Digital Regulatory Reporting for Virtual Currency. At this stage we are only accepting expressions of interest for the design workshop that will be conducted in late 2020. If you are interested in participating in the techsprint that will take place in early 2021, you can sign up to be notified when additional information is available.
The design workshop will convene stakeholders to explore areas where digital regulatory reporting can have the greatest impact and develop one or more problem statements that will become the focus of the techsprint. We are interested in a broad set of experienced and senior executive backgrounds for the design workshop, and the criteria that will be used to select participants will include, but not be limited to, the following:
- Experience in the fields of blockchain, virtual currency, cryptocurrency, digital assets, decentralized finance, or other similar areas;
- Familiarity with DFS regulations and requirements regarding virtual currency;
- Familiarity with other regulations and requirements regarding virtual currency or similar areas;
- Experience in areas of technology with the potential to improve the collection, processing, storage, analytics, or visualization of regulatory data (e.g. Application Programming Interfaces (APIs), Artificial Intelligence and Machine Learning (AI/ML), automation, Natural Language Processing (NLP), cloud technology);
- Experience in the fields of Regulatory Technology (RegTech) or Supervisory Technology (SupTech);
- Experience engaging with regulators regarding the above topics; and
- Entities authorized by DFS to engage in Virtual Currency Business Activity (VCBA).
Note: If you complete the Design Workshop Interest Form, you will also be signed up for Techsprint updates.
Email [email protected] with “Techsprint” in the subject line.