The New York State Department of Financial Services (NYDFS) released new guidelines on May 30 to strengthen customer service standards for virtual currency entities (VCEs). These guidelines will take effect on November 1.

The New York State Department of Financial Services stated that these comprehensive guidelines aim to ensure that VCEs have strong customer service mechanisms and are able to timely and effectively handle customer issues. VCEs should keep their customer service policies up-to-date and comply with all relevant laws and regulations.

The DFS guidelines also require VCEs to designate personnel responsible for managing customer service and complaint procedures. The statement is part of Superintendent Harris's VOLT program, which greatly expands the DFS's ability to regulate the virtual currency industry.