Mayor Eric Adams signs an executive order in the final months of his term.
Moisés Rendón named director, reporting to CTO Matt Fraser.
Office acts as primary contact for crypto companies and regulators.
BitLicense rules remain among the strictest in the US
The office handles regulatory issues and the city’s blockchain projects.
New York- New York City has formed its first Office of Digital Assets and Blockchain, a department created to manage communication between City Hall and the cryptocurrency industry. Mayor Eric Adams signed the executive order on October 14.making digital assets part of the city’s technology portfolio before leaving office.
The new office will field inquiries from cryptocurrency companies, coordinate with federal and state regulators, and examine how blockchain can be used in city operations, including transparency and record-keeping programs.
Moisés Rendón, advisor to the Office of Technology and Innovation since April 2024, was appointed as director. He will report to chief technology officer Matt Fraser and form a council of business and political leaders to review new use cases and regulatory developments.
Mayor Adams, known for promoting cryptocurrencies during his tenure, said the new office aims to “keep New York competitive in financial technology” and make the city’s approach to digital assets more organized.
Crypto Companies Still Face Strong Licensing Demands
The creation of the office does not change the strict rules governing digital asset businesses in New York. The New York Department of Financial Services (NYDFS) introduced the BitLicense framework in 2015, requiring companies that deal in cryptocurrencies to obtain a state license.
The system was designed to prevent fraud and protect investors, but it also increased compliance costs. Many companies left the state after the rule went into effect. According to public records, fewer than 25 companies currently hold valid BitLicenses.
The New York Attorney General’s Office has continued to enforce state laws against unlicensed trading platforms, further limiting the number of active operators.
Officials say the new office will not relax those requirements but could make communication between the industry and regulators more direct. The department is expected to help businesses understand the licensing process and connect them with the appropriate state agencies.
Adams ends his term focusing on financial technology
Mayor Adams’ current term ends Jan. 1, 2026, after he paused his re-election campaign in September following questions about campaign finance.
Mayor Adams signed the executive order before leaving office. The Office of Digital Assets will operate under the city’s technology division and serve as a central point of communication with state and federal regulators.New York’s licensing requirements remain among the strictest in the country, but the office provides crypto companies with a single contact in the city to address inquiries and regulatory issues.
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