New York sets customer service standards for virtual currency entities

The BitLicense just got a little tougher with new mandatory standards for treating customers right.

The New York State Department of Financial Services (DFS) has established customer service standards for DFS-regulated virtual currency entities (VCEs) and will begin monitoring their implementation. Based on the VCEs’ records, the DFS will assess the adequacy and efficiency of customer service policies. 

The DFS set out detailed requirements for VCE phone and electronic communications, transparency and online frequently asked question (FAQ) posting. VCEs will be expected to provide records of their policies and procedures and the requests and complaints they receive along with resolution times.

The new requirements are largely elementary. “Human customer service representatives” should be available during business hours, and customers should be connected to voicemail during off hours. Receipt of electronic communications should be automatically acknowledged with an estimated response time. FAQs should be accessible to viewers who do not hold an account with the company. Customers should be informed immediately if they are interacting with artificial intelligence rather than a human.

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