New York Department of Financial Services updates crypto listing rules with immediate effect


18 Sep 2023 9:50 PM

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.

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