New York State Department of Financial Services (DFS) has unveiled new regulations mandating that regulated cryptocurrency entities must adopt customer service policies and procedures. The guidelines require these entities to collect data to ensure prompt and fair resolution of customer issues, maintain records for regulatory review, and provide quarterly analyses.
In an announcement on Thursday, Superintendent Adrienne A. Harris issued guidance regarding customer service requests and complaints for virtual currency entities (VCEs) regulated by DFS. The guidance stipulates that VCEs must establish and implement effective policies and procedures to address customer service requests and complaints in a timely manner.
The DFS emphasized that the guidance reflects its expectations for VCEs in terms of customer service policies and procedures, including response and resolution monitoring, reporting mechanisms, and channels. Licensees are required to maintain records of their own policies and procedures for Departmental review, as well as quarterly analyses of the requests and complaints they receive. The Department will assess the implementation 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 submitting requests and complaints, providing regular updates and estimated resolution timelines, publishing FAQs accessible without login, tracking requests and complaints with customer satisfaction feedback, and reporting quarterly on the number and nature of requests and complaints, along with resolution times. Additionally, entities must provide a copy of their customer service policies, comply with the described standards, and designate responsible individuals for overseeing these policies.
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