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New York State Increases Blockchain Monitoring to Enforce Russian Sanctions

The state of New York is increasing its sanctions against Russia as the Department of Financial Services (DFS) is speeding up the acquisition of additional blockchain analytics technology.

The department plans to use the technology to help discover Russian individuals and entities that are subject to federal sanctions.

Kathy Hochul, the Governor of New York, approved an executive order at the end of February which aims to direct state agencies to do out of Russian institutions and companies, but also from entities that support them.

“New York is proudly home to the nation‘s largest Ukrainian population and we will use our technological assets to protect our people and show Russia that we will hold them accountable.”

In New York, it is obligatory for companies and individuals who work with crypto to apply for a BitLicense. The DFS is now “assessing a number of technology tools and service providers to augment current supervisory capabilities.” No further information was offered regarding the analytics technology the state is searching for.

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