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The New York State Department of Financial Services (DFS) has set new standards for customer service in virtual currency entities (VCEs), also known as crypto-centered companies. DFS will monitor these standards, focusing on how effectively these companies address and resolve customer service issues. 
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The DFS wants VCEs to maintain high levels of transparency and efficiency in their customer service operations. This includes clear communication channels and detailed FAQs available online. The DFS will scrutinize records of policies, procedures, requests, and complaints to ensure compliance and effectiveness. 
<h2 class="wp-block-heading" id="dfs-mandates-crypto-firms-to-have-multiple-communication-channels">DFS Mandates Crypto Firms to Have Multiple Communication Channels</h2> 
The DFS <a href="https://www.dfs.ny.gov/industry-guidance/industry-letters/il20240530-cus-serv-req-and-complains" rel="nofollow noopener" target="_blank">guidance</a> emphasizes that VCEs must have strong customer service mechanisms in place. This includes maintaining a phone number and an electronic text communication option, such as email or chat. Both channels should be monitored by well-trained human customer service representatives (HCSRs). 
For phone communications, the DFS mandates that VCEs must clearly display their customer service phone number on their websites and mobile apps. HCSRs should be available during normal business hours, with no busy signals. 
For electronic communications, the DFS requires VCEs’ email addresses to be displayed on their websites and apps, using the same domain as their website, to avoid phishing scams. Chat functions must be accessible and available in appropriate languages. 
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Emails and chats should be monitored during business hours, and responses should be given within a specified timeframe. Automatic replies confirming receipt and providing tracking numbers are essential for emails, while timely responses are required for chat messages. 
<h2 class="wp-block-heading" id="vces-must-ensure-customer-satisfaction">VCEs Must Ensure Customer Satisfaction</h2> 
VCEs must keep customers informed, said the DFS. The agency requires that VCEs provide regular updates on the status of requests and complaints. If initial HCSRs can’t resolve an issue, customers must be kept apprised of the status. Detailed explanations must be given if the issue is not fully resolved to the customer’s satisfaction. 
The DFS also addresses using artificial intelligence (AI) in customer service. VCEs must inform customers when AI is used and ensure that AI tools provide accurate information. Customers should be able to escalate issues from AI to human representatives. 
Another critical requirement is proactive customer service. According to the DFS, VCEs must inform customers of any expected delays during planned events like maintenance or promotions and be prepared to handle unplanned events like outages efficiently. These new standards aim only to enhance customer service in the crypto industry. 
Cryptopolitan reporting by Jai Hamid

New York DFS Sets Customer Service Standards for Crypto Firms

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