The NY State Department of Financial Services, not..

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The NY State Department of Financial Services, notorious for its strictness, claims to be the first regulator in the country to impose requirements of the type.

https://cointelegraph.com/news..../new-york-state-rele

cointelegraph.com

New York state releases guidance for issuing dollar-backed stablecoins

The NY State Department of Financial Services has established redeemability, reserve and attestation guideline for the stablecoin issuers it regulates.

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