ALBANY, N.Y.—The New York State Department of Financial Services is saying it has improved its ability to identify unlawful activities involving digital currency among the organizations it oversees.
The DFS said the enhancements are intended to enable it to better stay up-to-date with the industry and take preventive measures in response to developments in the virtual currency market.
According to its statement, the enhancements would enable the department to identify potential instances of insider trading, market manipulation, and front-running related to virtual currency wallet addresses listed by entities and applicants under the department's regulation.
‘Significant Step’
The tools will aid in the fight against financial crime and fraud, ensure that regulated entities are held responsible, and enhance the department's position as a leader in supervising virtual currencies at the national level, NYDFS Superintendent Adrienne Harris stated.
“This is a significant step in our supervision of the virtual currency industry as it continues to quickly transform and mature,” Harris said.
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