New York Department of Financial Services Superintendent Lacewell Announces New DFS Report On New York Domestic Insurersâ Exposure To Financial Risks Arising From The Low-Carbon Transition - Follows DFSâs Issuance Of Proposed Guidance For New York Domestic Insurers On Managing The Financial Risks From Climate Change - Supports New York Insurersâ Efforts To Manage Their Exposure To Low-Carbon Transition Risks
New York Department of Financial Services Superintendent Lacewell Announces New DFS Report On New York Domestic Insurersâ Exposure To Financial Risks Arising From The Low-Carbon Transition - Follows DFSâs Issuance Of Proposed Guidance For New York Domestic Insurers On Managing The Financial Risks From Climate Change - Supports New York Insurersâ Efforts To Manage Their Exposure To Low-Carbon Transition Risks
New York State Department Of Financial Services Superintendent Lacewell Announces DFS Grants Virtual Currency And Money Transmitter Licenses To Bakkt Marketplace, LLC Date
11/03/2021
Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Bakkt Marketplace, LLC, a wholly owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses. With new technology advancing every day, DFS is proud to be at the forefront of financial innovation through our continuous efforts to set the conditions for virtual currency companies to germinate and grow. Responsible innovation will blaze a path to a brighter future, said Superintendent Lacewell. This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover.
New York State Department of Financial Services Grants BitLicense to Bakkt
New York Financial Services Superintendent Linda A. Lacewell announced on Thursday the
New York State Department of Financial Services (DFS) has approved the application of Bakkt Marketplace, LLC, a wholly-owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses. According to the DFS, the license will allow Bakkt Marketplace to offer its New York customers the ability to buy and sell virtual currency and subject to DFS’s supervision of its licensed activities.
As previously reported, Bakkt is a regulated digital asset exchange that also provides a digital wallet. The company is notably the creation of the
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Bakkt gains New York BitLicense 11 March 2021
Source: NYDFS Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Bakkt Marketplace, LLC, a wholly owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses. With new technology advancing every day, DFS is proud to be at the forefront of financial innovation through our continuous efforts to set the conditions for virtual currency companies to germinate and grow. Responsible innovation will blaze a path to a brighter future, said Superintendent Lacewell. This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and recover.
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Keypoint: New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk.
In her letter introducing the Cyber Insurance Risk Framework, DFS Superintendent Linda Lacewell states that the increase in frequency and cost of ransomware has not only shown that cybersecurity is of critical importance to modern life, but also that cyber insurance plays a vital role in the mitigation and reduction of risk from ransomware.
According to its 2020 survey, DFS found a 180% increase in the number of ransomware claims between 2018 and 2019, with an increase of 150% on average for the costs associated with those claims. The problem continued in 2020, where DFS received nearly double the number of reports of ransomware attacks from the year prior. Not only are these trends a concern for consumer protec