Bitcoin

The State of New York called the crypto-companies to submit preparedness plans to the Coronavirus

While Donald Trump has announced the state of emergency in the United States to address the epidemic of Covid-19, the financial regulator of the State of New York (NYDDS) has also taken precautions to prepare for the crypto-businesses in the Coronavirus. The entity has sent a letter to all companies dealing with digital currencies to submit their preparedness plans to know the preventive measures and the protection of employees, as well as assessments of all types to manage the spread of the disease.

The NYDFS on the lookout at Covid-19

While an economic impact of the sars Coronavirus had been reported in recent weeks on all sectors (trade, exchange, etc), the industry of the crypto-currency has now been alerted by the financial regulators, and this, in a purely medical purposes.
In the State of New York, is the department of financial services NYDFS has initiated the first steps to prepare companies to the virus. In this perspective, the administrative body has called on all companies to develop and communicate plans to deal with the risks stemming from an outbreak. In this case, each crypto-corporation will have to submit their strategies resulted in protection plans and evaluation of the facilities, and many others.

All the preventive measures against the negative impacts

Beyond the character viral and dangerous Covid-19, the NYDFS calls on the industry to perform an ” evaluation of the potential increased risk of cyber-attacks and fraud by the epidemic “. In this sense, the large structures such as Coinbase, Ripple, Circle, Tagomi or Bitpay are the main concerned.
Following the press release of the regulator, the latter will have 30 days in which to submit their plans. For its part, Coinbase has already shared its draft preparation, handing in a plan with four levels.
What do you think of this appeal from the NYDFS to submit plans to prepare for the coronavirus ? Give your opinion in the comments section.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.