New York Introduces New Customer Service Obligations for Digital Currency Firms
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31 May

The New York State Department of Financial Services (DFS) has established customer service standards for virtual currency entities (VCEs) regulated by DFS.

The DFS will monitor the implementation of these standards by reviewing the records of VCEs and assessing the adequacy and effectiveness of their customer service policies.

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Under the new requirements, VCEs must maintain adequate methods of telephone and electronic communication, promote transparency by posting FAQs online, and provide records of policies, procedures, and customer requests and complaints along with their resolution timelines.

Requirements include the availability of customer service representatives during business hours, after-hours voicemail options, and automatic acknowledgement of receipt of electronic communications with estimated response times.

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