NYDFS Proposes New Guidelines on Listing and Delisting Crypto on Trading Platforms

Crypto News
Crypto News

18 Sep 2023 7:07 PM

The New York Department of Financial Services (NYDSF) seeks to introduce new guidelines on the listing and delisting of digital assets by venture capital entities....

  • The New York Department of Financial Services (NYDSF) has proposed new guidelines for the listing and delisting of digital assets by venture capital entities.
  • The guidelines aim to protect investors, address emerging issues, and stay ahead of changes in the fast-paced sector.
  • Superintendent Adrienne Harris emphasized the department's commitment to keeping pace with industry developments and protecting consumers and markets.
  • The proposed rules cover areas such as risk assessment, price manipulation, liquidity, and disclosure requirements.
  • Exchanges must submit their coin-delisting policies for approval before self-certification.
  • The rules apply to all firms, regardless of whether they have coin-listing criteria for self-certification.
  • Exchanges must maintain records for regular reviews and follow the DFS's recordkeeping template.
  • Assets removed from the "greenlist" will not be instantly removed from exchanges to prevent market chaos.
  • VC entities must establish governance structures for decision-making and voting on policies.
  • Risk assessments in various areas, including cybersecurity and market liquidity, must be conducted by all firms.
  • NYDSF has been a key regulator in the New York financial markets since 2015 and has issued over 30 BitLicenses.

The sentiment of the article is neutral. It provides information about the proposed guidelines without expressing a positive or negative opinion.

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You May Ask

What is the purpose of the proposed guidelines by NYDSF?What are the areas covered by the proposed rules?How do exchanges obtain approval for coin listings?What happens to assets removed from the "greenlist"?What are the risk assessments that firms must conduct?

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