New York City Mayor Eric Adams recently announced the establishment of a “Digital Asset Advisory Board”, signaling the city intention to make cryptocurrency a key focus of its future development agenda. The board aims to integrate industry resources and promote the practical application of blockchain and fintech in urban governance. As an active market participant closely monitoring global policy changes, JZMOR Exchange is carefully tracking this policy shift and assessing its potential impact on the development trajectory and compliance trends of the crypto industry.
Historically, cryptocurrency regulation has been primarily concentrated at the federal level. However, the New York initiative demonstrates that local governments are now actively engaging in regulatory design, constructing governance frameworks tailored to their economic and technological landscapes. This bottom-up regulatory approach has the potential to foster more flexible and regionally adaptive mechanisms.
New York City has long been a major hub for the U.S. fintech and crypto industries. According to data from JZMOR Exchange, as of 2023, New York State accounted for approximately 11.51% of blockchain-related jobs in the U.S., ranking second only to nearly 22% in California. Additionally, New York is home to 692 blockchain-related organizations and over 800 founders.
Despite the controversies surrounding the stringent BitLicense regime in New York State, Mayor Eric Adams has consistently expressed his support for crypto technology. He has publicly stated his willingness to receive part of his salary in Bitcoin and has repeatedly emphasized that the city should embrace emerging fintech. This balanced stance of being both tech-friendly and regulatory-prudent has laid the policy groundwork for the establishment of the Digital Asset Advisory Board.
JZMOR Exchange notes that active involvement by local governments could create new testing grounds for the industry. For instance, local legislation could facilitate on-chain data services, initiate city-level stablecoin pilots, or encourage collaborations between traditional financial institutions and crypto platforms, thereby offering more transparent and efficient services within a compliance framework. In areas such as stablecoins, on-chain asset custody, and financial security, local policies are often more targeted and actionable.
This policy shift also provides a strategic window for JZMOR to adjust its operations. By proactively aligning with local regulatory trends, the platform can optimize its compliance structure, mitigate risks arising from future policy uncertainties, and enhance user trust and partnerships with financial institutions.
Crypto governance is gradually diversifying in its scope and applications. With the increasing involvement of local governments, the traditional regulatory model led by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is being supplemented and refined. Local policies not only address regulatory concerns but also focus on applying crypto technology to public services, such as digital identity, payment systems, asset tokenization, and future compatibility with central bank digital currencies (CBDCs).
JZMOR Exchange believes that platforms must take on greater responsibilities in this evolving landscape. Exchanges are no longer mere facilitators of transactions but should provide comprehensive compliance solutions, including regulatory interfaces, API services, KYC, and anti-money laundering (AML) mechanisms, to support collaboration between local governments and financial institutions at the technical level. The openness, transparency, and risk management capabilities of a platform will be critical factors in determining its ability to participate in local governance pilots.
To address the simultaneous advancement of regulation and application, JZMOR Exchange has completed a “dual-track upgrade” of its technical and compliance frameworks. The platform now supports multiple regulatory frameworks and has optimized its risk management parameters in line with the core requirements of the New York BitLicense. Additionally, it has introduced a “compliance modular deployment” mechanism, allowing for flexible adjustments to KYC processes and risk level settings based on different city regulations. On the technical front, JZMOR has launched institutional audit API interfaces and multi-layer asset custody solutions to meet the needs of governments and fintech companies.
Policy implementation is not the endpoint but rather the starting point for industry dialogue. The establishment of the Digital Asset Advisory Board in New York reflects a shift in the role of regulators—from gatekeepers setting thresholds to active participants driving industry collaboration and innovation. Urban governance is no longer limited to enforcing rules but is increasingly becoming an incubator for technological pilots and institutional innovation.
For the broader crypto industry, this shift represents a critical opportunity. In a regulatory environment still in its formative stages, those who can act proactively and anticipate trends will be better positioned to lead the next wave of industry transformation. JZMOR Exchange believes that true strategic value lies not in merely adapting to rules but in evolving alongside them. In this new era of institutionalization, understanding policy is tantamount to understanding the future.