New York City Launches Blockchain Initiatives to Become Global Industry Hub
- The NYCEDC is launching the 'NYC Blockchain Resource Center' and a blockchain app competition.

James Patchett, New York City Economic Development Corporation (NYCEDC) President and CEO, has announced a series of initiatives to “support [the] growing blockchain industry” within the city.
Just announced at #Consensus2018: NYC is launching new initiatives to support the growing #blockchain industry! The NYC Blockchain Resource Center will serve as a physical hub for the industry and the @nycbigapps competition will be blockchain focused. pic.twitter.com/JcTtagNVqc
— NYCEDC (@NYCEDC) May 14, 2018
According to an official announcement by the NYCEDC, the NYC Blockchain Resource Center is also intended to act as a meeting point for investors, consumers and consumer advocates, and lawmakers: “the center will serve as a physical hub for the industry, building public awareness for blockchain technology through education, and connecting entrepreneurs to business support, mentorship, advisory services, and a community of peers to help them launch and scale new ventures.”
The blockchain app competition, which is set to begin later this year, has been designed similarly to the City’s ‘BigApps’ contest. On May 14, the NYCEDC has officially requested proposals for organizations who are interested in running the competition. Educational workshops for government employees and the general public will also be hosted as a part of the competition.
”No Better City” for Blockchain Industry Leadership, Says Patchett
As part of the same speech at Consensus, Patchett declared that there is “no city in the world that’s better positioned to lead the way in blockchain” than New York. “We’re a global leader in finance, real estate, media, and tech – all industries seeing incredible innovation from this new technology. The City is putting a big focus into blockchain to find out how we can grow the industry and make sure it’s creating great opportunities for New Yorkers.”
The City has, in some ways, been on the forefront of blockchain Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term in the United States for the past several years. In 2015, the state launched its ‘BitLicense’ program, a business license for companies conducting virtual currency activities. However, the program has come under heavy criticism for smothering blockchain startups with high costs; lawmakers and industry participants alike have called for reform.
Another piece of blockchain history was made in New York earlier this week when the state officially authorized the Winklevoss twins’ Gemini exchange as the first licensed Zcash exchange in the world.
James Patchett, New York City Economic Development Corporation (NYCEDC) President and CEO, has announced a series of initiatives to “support [the] growing blockchain industry” within the city.
Just announced at #Consensus2018: NYC is launching new initiatives to support the growing #blockchain industry! The NYC Blockchain Resource Center will serve as a physical hub for the industry and the @nycbigapps competition will be blockchain focused. pic.twitter.com/JcTtagNVqc
— NYCEDC (@NYCEDC) May 14, 2018
According to an official announcement by the NYCEDC, the NYC Blockchain Resource Center is also intended to act as a meeting point for investors, consumers and consumer advocates, and lawmakers: “the center will serve as a physical hub for the industry, building public awareness for blockchain technology through education, and connecting entrepreneurs to business support, mentorship, advisory services, and a community of peers to help them launch and scale new ventures.”
The blockchain app competition, which is set to begin later this year, has been designed similarly to the City’s ‘BigApps’ contest. On May 14, the NYCEDC has officially requested proposals for organizations who are interested in running the competition. Educational workshops for government employees and the general public will also be hosted as a part of the competition.
”No Better City” for Blockchain Industry Leadership, Says Patchett
As part of the same speech at Consensus, Patchett declared that there is “no city in the world that’s better positioned to lead the way in blockchain” than New York. “We’re a global leader in finance, real estate, media, and tech – all industries seeing incredible innovation from this new technology. The City is putting a big focus into blockchain to find out how we can grow the industry and make sure it’s creating great opportunities for New Yorkers.”
The City has, in some ways, been on the forefront of blockchain Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term in the United States for the past several years. In 2015, the state launched its ‘BitLicense’ program, a business license for companies conducting virtual currency activities. However, the program has come under heavy criticism for smothering blockchain startups with high costs; lawmakers and industry participants alike have called for reform.
Another piece of blockchain history was made in New York earlier this week when the state officially authorized the Winklevoss twins’ Gemini exchange as the first licensed Zcash exchange in the world.