New York State has become the first to initiate a task force to examine cryptocurrency and how it should be regulated.

The bank’s committee sect of the New York state legislature voted in favor of progressing a bill that would authorize a digital currency task force back in May of last year. The board confirmed their backing for a task force that would study the effects of the implementation of cryptocurrencies on the state’s financial markets.

Crypto Task Forces are becoming a common method for jurisdictions to discuss and analyze how cryptocurrencies should be integrated into current financial systems. The UK, South Korea, Dubai, and Kenya are amongst countries announcing task forces in 2018. The planned task force for New York state will become the first in the US.

NY state governor Andrew Cuomo, signed into law the ‘Digital Currency Study Bill’ (A8783B/S9013) this week, but no report will be forthcoming until as late as December 15, 2020, so any legislature emerging from the task force is far from imminent. The main focus of the report is said to focus on tax law and market transparency and the board will include representatives from the tech sector, academia, institutional and private investment and blockchain business. The state’s proactive stance towards the cryptocurrency was illustrated by the released statement:

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The industry was clearly encouraged by the announcement, with Executive Director of Tech: NYC, Julie Samuels commenting that the announcement of the task force demonstrates how New York state,  “is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way,”

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