New York City Launches Digital Assets Office for Crypto Firms

New York — New York City has formed its first Office of Digital Assets and Blockchain, a department created to manage communication between City Hall and the cryptocurrency industry. Mayor Eric Adams signed the executive order on October 14, making digital assets part of the city’s technology portfolio before leaving office.

The new office will handle inquiries from crypto companies, coordinate with federal and state regulators, and examine how blockchain can be used in city operations, including record-keeping and transparency programs.

Moises Rendon, an adviser to the Office of Technology and Innovation since April 2024, has been appointed as director. He will report to Chief Technology Officer Matt Fraser and form a council of business and policy leaders to review new use cases and regulatory developments.

Mayor Adams, known for promoting cryptocurrency during his term, said the new office is intended to “keep New York competitive in financial technology” and make the city’s approach to digital assets more organized.

Crypto Companies Still Face Heavy Licensing Demands

The creation of the office does not change the strict rules that govern digital asset businesses in New York. The New York Department of Financial Services (NYDFS) introduced the BitLicense framework in 2015, requiring companies that deal in cryptocurrencies to obtain a state license.

The system was designed to prevent fraud and protect investors but also increased compliance costs. Many firms left the state after the rule took effect. Fewer than 25 companies currently hold valid BitLicenses, according to public records.

The New York Attorney General’s Office has continued to enforce state laws against unlicensed trading platforms, further limiting the number of active operators.

Officials say the new office will not loosen those requirements but could make communication between the industry and regulators more direct. The department is expected to help companies understand the licensing process and connect them with the appropriate state agencies.

Adams Ends Term with Focus on Financial Technology

Mayor Adams’ current term ends on January 1, 2026, after he halted his re-election campaign in September following questions over campaign financing.

Mayor Adams signed the executive order before leaving office. The Digital Assets Office will operate under the city’s technology division and serve as a central point for communication with state and federal regulators.New York’s licensing requirements remain among the strictest in the country, but the office provides crypto companies with a single city contact to handle inquiries and regulatory questions.

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