New York DFS Sets May 10, 2027, Deadline for Crypto Marketing Policies

The New York State Department of Financial Services (DFS) issued advertising guidance Thursday, Nov. 12, setting marketing standards for state-regulated virtual currency entities. Firms have until May 10, 2027, to comply with the guidance.

The guidance applies to licensed virtual currency entities. It calls for firms to substantiate advertising claims and clearly identify the regulated entity behind each ad.

DFS also expects firms to establish procedures for creating, reviewing and approving marketing. Those procedures should include due diligence on third parties and monitoring for misuse of a firm’s brand. DFS will consider the policies during compliance checks.

The guidance calls for annual reviews of the policies. The guidance sets expectations for meeting an existing advertising rule; it does not create a new prohibition.

The existing regulation, 23 NYCRR § 200.18, has been in effect since 2015. It bars misleading representations in covered advertising.