ALBANY, N.Y.—The New York State Department of Financial Services (DFS) and State University of New York (SUNY) have signed a memorandum of understanding (MOU) expressing their intent to launch a new SUNY-related virtual currency program, “SUNY BLOCK,” according to New York Superintendent of Financial Services Linda A. Lacewell.
The DFS also proposed a new conditional licensing framework that makes it easier for startups to enter the New York market. Once licensed by DFS, SUNY BLOCK will be able to support nascent virtual currency entities from local communities, including those started or run by students or alumni, through the proposed conditional licensing framework, according to the announcement.
“This MOU with SUNY is a strategic step to diversify and deepen the next wave of innovators in the virtual currency space in New York,” said Lacewell. “The DFS actions announced in consultation with numerous industry participants and the public will boost responsible innovation and help get New York’s economy back on its feet. DFS is proud to foster accessibility and will continue to blaze a trail in the virtual currency marketplace.”
Effort to Boost Economy
Added SUNY Chancellor Kristina M. Johnson, “SUNY’s partnership with DFS further builds on Gov. Andrew Cuomo’s efforts to boost New York’s economy by creating new opportunities within our high-tech industries. Innovation is essential, and a key component is collaborating with SUNY’s campuses to develop the next-generation of developers, researchers, and leaders.”
The DFS also said the agreement will help expand the state’s virtual currency ecosystem to new geographies and demographics, and support Cuomo’s efforts to foster an innovative New York economy and help New York build back better and stronger from the impacts of the COVID-19 pandemic.