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.
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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.
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