The New York Department of Financial Services (NYDFS) has invited several digital asset firms for a 'TechSprint' aimed at digitizing the process of submitting regulatory reports by these digital asset firms.
The move by the NYDFS comes in the wake of the coronavirus outbreak, which has limited ways to interact physically. Thus most of the industries are looking towards digitizing paperwork and avoid all physical interaction possible.
However, NYDFS also noted that even though the ongoing pandemic has made it necessary to focus on digitization, they were anyhow looking to digitize the paperwork since manual processing of reports run into several complications.
The NYDFS, in the official statement, said,
"The regulatory information captured sometimes suffers from data quality issues. By the time it has been reviewed, the data may be too stale to act on meaningfully."
It further states that they were looking to "leverage what is learned to develop a set of common standards" in addition to "an open-source technical framework."
The NYDFS is partnering with the likes of Conference of State Bank Supervisors (CSBS) and the Alliance for Innovation Regulation (AIR) for it's TechSprint and hopes to further their