New York Asks from Crypto Companies for Coronavirus Protection Plans

New York mayor, Bill de Blasio, announced the state in an emergency state, similar to “warfare time”. This situation can left unaffected crypto companies.

More specifically, NY’s Financial Authority sends a letter to all crypto companies to prepare a protection plan for addressing this issue.

The letter is referring to the cancelation of events for 30 days while the protection plan should focus on 9 areas of interest and the financial part should include a 3-point plan for addressing financial struggles.

In parallel, crypto companies should make public their strategy regarding how they will face the upcoming problems. In the financial plan, the asset valuation should change along with cash flows and profits.

The most considered fear for crypto companies is account hacking and illegal actions during trading when some will take advantage of the panic situation.