NY Regulator Urges Crypto Cos. To Use Blockchain Analytics – Law360


By Elise Hansen (April 28, 2022, 5:48 PM EDT) — Blockchain analytics services can be a key tool for New York-licensed cryptocurrency companies working to comply with anti-money laundering rules and sanctions requirements, the state’s Department of Financial Services said in guidance announced Thursday.

The guidance, signed by Superintendent of Financial Services Adrienne Harris, emphasized the key role of blockchain analytics in catching nefarious activity and in keeping companies in compliance with state and federal rules. Blockchain analytics services typically provide insights into the “provenance,” or money trail, of cryptocurrencies and can also be used to spot transaction patterns that can signal illicit activity.

While state-licensed companies already face transaction monitoring…

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