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Digital Regulatory Reporting in Virtual Currency

DFS Techsprint

DFS is the nation’s premier regulator of virtual currency business activity.

In partnership with the Conference of State Bank Supervisors and the Alliance for Innovative Regulation, DFS will sponsor a techsprint to design a Digital Regulatory Reporting mechanism for virtual currency companies. The objective of the effort is to identify emerging risks related to cryptocurrency and to move toward a next generation approach that utilizes technology to more effectively supervise regulated entities.

The techsprint will convene virtual currency professionals, regulators and technologists working on regulatory compliance solutions and will take place March 1 - March 12, 2021.

Techsprint participants will collaborate on developing tech-based responses to problem statements created by DFS in consultation with industry participants, regulators, and other relevant experts. These consulting workshops took place in November and December 2020 and brought together over 100 participants from peer regulators, regulated entities, academics and other ecosystem players.

“The future of financial supervision is digital and needs to happen now. With this first-ever techsprint series, the Department is making progress towards automating the reporting of financial and operational data by our regulated entities, enhancing collaboration between the Department and industry, and helping to foster a safer marketplace for the consumers who depend on it.” -  Linda A Lacewell, Superintendent of DFS

Who Should Participate

DFS is interested in bringing together techsprint participants with a broad range of backgrounds, including but not limited to:

  • Cryptocurrency researchers and practitioners
  • Blockchain researchers and practitioners
  • Software developers
  • Graphic designers
  • UX/UI designers
  • Product designers
  • Policy analysts
  • Lawyers
  • Communications professionals
  • Cloud developers
  • Data managers and data scientists


The criteria used to select participants will include, but not be limited to, the following:

  • Experience in the fields of blockchain, virtual currency, cryptocurrency, digital assets, decentralized finance, or other similar areas;
  • Experience in areas of technology with the potential to improve the collection, processing, storage, analysis, or visualization of regulatory data (e.g. Application Programming Interfaces (APIs), Artificial Intelligence and Machine Learning (AI/ML), automation, Natural Language Processing (NLP), and cloud technology);
  • Familiarity with DFS regulations and requirements regarding virtual currency;
  • Familiarity with other regulations and requirements regarding virtual currency or similar areas;
  • Experience in the fields of Regulatory Technology (RegTech) or Supervisory Technology (SupTech);
  • Experience engaging with regulators regarding the above topics; and
  • Experience working with or for entities authorized by DFS to engage in Virtual Currency Business Activity (VCBA).

Sign Up to Participate

Active registration for the techsprint is now closed. Use the link below to be added to a waitlist for the event.

Techsprint Waitlist Form

Event Details

The techsprint will be held virtually during the first two weeks of March, 2021. The event will open on Monday March 1 and culminate in Demo Day on Friday March 12. During the two-week sprint, teams will be expected to participate in full-day virtual events on March 1, March 2, March 11 and March 12, with the rest of the time devoted to flexible part-time solution-building organized by each team lead.

Problem Statements

Based on input from industry and the regulatory community, the following four problem statements were selected to be the focus of the Techsprint on Digital Regulatory Reporting in cryptocurrency. Teams will select the area they plan to tackle during the first days of the techsprint. (Note: These statements are a work in progress and may change between now and the beginning of the event.) 

  1. How can DFS achieve real-time or more frequent access to company financial data from virtual currency licensees and receive early warning signs of financial risks to the companies or their customers?  
  2. How can DFS obtain real-time transaction data from its licensees and automatically analyze the data to safeguard against illicit financing risks?  
  3. How can DFS use tools such as natural language processing, machine learning, and artificial intelligence to identify risks by processing and analyzing supervisory reports that are submitted by licensees in a wide range of formats?  
  4. How can DFS use technology to facilitate information-sharing among licensees to help them more quickly identify and stop scams, ransomware strikes, and other criminal enterprises that put licensees and their customers at risk? 

Demo Day

Friday March 12, 11am – 2:30pm

Kicking off with distinguished speakers, Demo Day on March 12 will be the culminating event of the two-week Techsprint and will give teams the opportunity to present their solutions to a panel of judges. Each demo will end with judge Q&A, and after all teams have presented, judges will privately deliberate. The event will end with an awards ceremony to celebrate the winning teams.

Members of the public are invited to stream the virtual Demo Day live. Registration in advance is required. Please register to attend by Thursday March 11.


Sandra Ro, Global Blockchain Business Council

Michael Moro, Genesis Global Trading

Jo Ann Barefoot, Alliance for Innovative Regulation

Linda Lacewell, New York State Department of Financial Services

Dan Schulman, Paypal


Richard Berner, NYU Stern

Sandra Ro, Global Blockchain Business Council

Brian Behlendorf, Hyperledger

Chris Brummer, Georgetown Law

Sheila Bair, Volcker Alliance


Email [email protected] with “Techsprint” in the subject line.