ALBANY, N.Y.—New York’s Department of Financial Services (NYDFS) has approved state-chartered Signature Bank’s blockchain-based digital platform.
According to the NYDFS, the platform, called Signet, uses blockchain technology to allow the bank’s commercial clients to “make payments with no transaction fees, at any time of the day, year-round.”
The $45.9 billion bank is now required to maintain “robust policies and procedures to address risks and ensure compliance with New York’s strong standards and regulations regarding anti-money laundering, anti-fraud and consumer protection measures,” the regulator said.