New York Department of Financial Services updates crypto listing rules with immediate effect
The state has also proposed other new regulations that it will accept public comment on until October 20, 2023....
- The New York State Department of Financial Services (NYDFS) has introduced new requirements for virtual currency businesses in the state.
- The focus of the new rules is on cryptocurrency delistings, allowing entities to remove coins that pose risks or are being misused.
- The rules expand upon the original guidance published in 2020, providing a framework for adopting and listing new cryptocurrencies.
- "Greenlisted" cryptocurrencies, including Bitcoin, Ethereum, and certain stablecoins, can be listed without prior approval.
- The new guidance includes delisting requirements, risk assessment standards, and stricter regulations for retail and consumer products and services.
- Public comment on the proposal is open until October 20, 2023.
- New York has strict cryptocurrency rules, requiring companies to obtain a virtual currency license and segregate corporate and non-corporate crypto assets.
- The New York Attorney General's Office also enforces cryptocurrency regulation.
The sentiment of the article is neutral. It provides information about the new requirements imposed by NYDFS without expressing a positive or negative opinion.