New York State's financial regulator, the Department of Financial Services (DFS), has unveiled new guidelines that require regulated cryptocurrency entities to adopt customer service policies and procedures. These entities must gather data to ensure that customer issues are resolved in a timely and fair manner, maintain records for regulatory review, and provide quarterly analyses.
The DFS announcement, made by Superintendent Adrienne A. Harris, states that the new guidance mandates virtual currency entities (VCEs) regulated by the DFS to establish and implement effective policies and procedures for promptly addressing customer service requests and complaints. The guidance emphasizes the need for VCEs to collect relevant data to allow the DFS to evaluate how effectively they resolve customer service issues.
The DFS further explains that the guidance outlines its expectations for VCEs in terms of customer service policies and procedures. This includes the required channels or mechanisms for submitting requests and complaints, monitoring and reporting on response and resolution, and maintaining records for the DFS's review. The DFS will evaluate the application and effectiveness of these policies and procedures through examinations and supervisory monitoring.
The announcement also highlights key policies and procedures outlined in the guidance. These include offering phone and electronic text options for customer requests and complaints, providing regular updates and estimated resolution times, making FAQs accessible without requiring login credentials, tracking customer satisfaction feedback for requests and complaints, and providing quarterly reports on the number and nature of requests and complaints, along with resolution times. Additionally, entities must share their customer service policies, adhere to the described standards, and designate responsible individuals to oversee these policies.
The DFS invites readers to share their thoughts on the issuance of customer service guidance for cryptocurrency firms by the New York State Department of Financial Services in the comments section.