NYDFS appoints new deputy head of virtual currency division

NYDFS appoints new deputy head of virtual currency division

The New York State Department of Financial Services (NYDFS) has hired a former director of digital asset strategy at IBM-owned Promontory Financial Group as its new chief of the crypto division.

Peter Marton was selected as the Deputy Superintendent of Virtual Currency at the NYDFS Research & Innovation center, Marton announced in a LinkedIn post Wednesday. He had been with Promontory Financial Group for six years and was working as the director of digital assets when he left the company.

Marton announced on January 5 that he started working at NYDFS in December. “Crypto supervision should be a marathon not a sprint, and I look forward forward to continue this effort in earnest,” Marton said in his post.

A virtual currency chief at NYDFS is required to provide expertise in NYDFS cryptocurrency policy decisions and also guides staff to review related licenses, such as the New York BitLicense. BitLicense requires extensive disclosure of financial information and proof of compliance with numerous cybersecurity and anti-money laundering rules.

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