Techsprint on Digital Regulatory Reporting

The New York State Department of Financial Services (DFS) is the nation’s premier regulator of virtual currency business activity. In partnership with the Conference of State Bank Supervisors and the Alliance for Innovative Regulation, the DFS sponsored a techsprint to design a Digital Regulatory Reporting mechanism for regulated cryptocurrency companies. The objective of the effort was to identify emerging risks related to cryptocurrency and to move toward a next generation approach that utilizes technology to more effectively supervise regulated entities. The techsprint convened over 80 cryptocurrency professionals, regulators and technologists working on regulatory compliance solutions during a two-week sprint March 1 - March 12, 2021. Techsprint participants collaborated on developing tech-based responses to problem statements created by DFS in consultation with industry participants, regulators and other relevant experts. They presented their solutions at Demo Day on March 12, 2021 to an audience of over 400 and a panel of expert judges.