The New York Order Dated November 8, 2017 (325(d) Pilot Project), 2017 is a pilot project issued by the New York State Department of Financial Services (DFS) to facilitate the use of distributed ledger technology (DLT) in the financial services industry. The pilot program is designed to provide a regulatory framework for a select group of applicants to test the use of DLT in their business operations. The pilot program covers a variety of topics including licensing requirements, capital requirements, cybersecurity, consumer protection, anti-money laundering and other requirements. Additionally, the pilot program requires participants to adhere to a set of principles including the need to provide a secure and resilient framework, promote the safety and soundness of the financial services industry, and protect consumer data privacy and security. The types of participants eligible to participate in the pilot program include financial services companies, software developers, money transmitters, and other entities that use or plan to use DLT for financial services activities.