According to statements by the head of the regulatory body, Linda Harris. This measure aims to increase transparency and security in digital currency transactions and encourage the shift to this type of currency.

The New York Department of Financial Services aims to increase control and better regulate the virtual currency market, and provide greater protection for investors and consumers in this field.

The adoption of this rule comes at a time when interest in digital currencies is increasing, and their use is growing in various fields, which requires clear and reliable legislation and procedures to deal with them. This step reflects the commitment of the New York Department of Financial Services to enhance its ability to face the challenges facing the virtual currency market and maintain the safety of investors.