The New York State Department of Financial Services (NYDFS) is currently hiring a deputy superintendent that would have a focus on cryptocurrencies.
The NYDFS released the information in an announcement of the intention to fill a job vacancy published on October 1.
According to the job posting released by the regulatory agency of the state of New York, the goal is to find an expert to oversee the licensing of cryptocurrency-related firms. The selected person will be part of the Research and Innovation Division with a “special focus on virtual currencies.”
At the same time, the expert is expected to provide expertise to support policy decisions and the regulation of emerging and innovative markets. These markets include virtual currencies, blockchain technology, and other technologies.
Some of the duties related to the position include directing the development of initiatives and compliance measures related to virtual currencies, providing guidance to the staff working on the Division, and maintaining engagement with industry and ecosystem stakeholders, among other things.
The candidate for this position needs to have experience in compliance, legal, and other relevant knowledge on cryptocurrencies. Moreover, the individual will have to show it has experience in management, risk management, compliance, and operation of digital assets.
Candidates will have to submit a resume and letter of interest no later than October 31, 2019.
The New York state has always been a problematic jurisdiction for companies to operate on. This is because businesses have to be compliant with local regulations, including the so-called BitLicense, to offer crypto-related services to individuals in New York.
Just a few firms were able to receive the BitLicense, making this a very closed market for crypto companies.
With this new appointment, the new deputy superintendent might be working to streamline the process of applying for a BitLicense and make it easier for firms to enter the market. However, this remains pure speculation.
Having clear regulations would help companies offer better services to investors in New York as there are many enthusiasts in the state that would like to invest in Bitcoin.
Many other jurisdictions around the world have already developed clear regulatory frameworks for crypto and blockchain firms. This new hiring could help the state improve its regulatory stance regarding cryptocurrencies.