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The New York DFS updates its regulation guidelines

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TL;DR Breakdown

  • The New York Department of Financial Services has announced the new rules on listing various cryptocurrencies on its green list while delisting DOGE, LTC, and XRP.
  • The green list comprised 25 tokens before today’s announcement, which had been approved for listing, custody, or both.
  • The department has played a strict supervisory role during the current bear market, and as a result, a $100 million settlement was imposed on Coinbase for noncompliance earlier this year. 
  • The NYDFS is now asking the public for feedback on its new regulatory requirements on crypto firms within the USA.

Description

The New York Department of Financial Services announced the new rules on listing various cryptocurrencies on its green list. In the much-anticipated announcement, the NYDFS announced it would be delisting three tokens: DOGE, LTC, and XRP.  Tokens still on the list include Ether and Bitcoin. Through its X platform (Formely Twitter), the department announced that … Read more

The New York Department of Financial Services announced the new rules on listing various cryptocurrencies on its green list. In the much-anticipated announcement, the NYDFS announced it would be delisting three tokens: DOGE, LTC, and XRP. 

Tokens still on the list include Ether and Bitcoin. Through its X platform (Formely Twitter), the department announced that Superintendent Harris would be announcing the two-year transformational initiative to strengthen the department in leading digital assets oversight. The current proposal lists new guidance on how licensed digital firms can list various tokens.

Crypto regulation takes center stage among US regulators with the new DFS proposal

Amid Congress’ reluctance to crypto regulation, the Department of Financial Services has emerged as the leading digital asset supervisor, given its Virtual currency unit and Bitlicense program. 

Since 2015, firms operating in the Big Apple have been required to apply for a license from the DFS. Even with the many critics of the DFS’s stringent regulatory measures, the new rules illustrate the department’s measured steps in digital asset regulation.

The token green list was a mode of supervision where, under the older guideline, firms licensed by the department through the currency program could gain custodial approval and list their tokens in a system that streamlined services while maintaining the DFS supervisory role. 

Firms were still answerable to the department. When two licensed firms self-certified a specific token for either listing or custody, the token would be included on the green list, expediting the process as well as enabling the use of approved cryptocurrencies on token exchanges.

The Greenlist comprised 25 tokens before today’s announcement, which had been approved for listing or custody or both, including the now-delisted Ripple and Litecoin. Per the current guidance, the new green list will include eight tokens: Bitcoin, Ethereum, GUSD, the new PayPal token(PYUSD), GYEN, ZUSD, PAXG, and USDP. 

The green list is now updated per the new framework governing green-listed coins. In a press release on Monday, the department shared that the new guidelines reflect the DFS’ expectations on coin listing and delisting of all its regulated digital assets.

The department also added that it would be intensifying its risk assessment in token listing, heightening requirements for retail customer-facing businesses, which is a shift from its popular automated self-certification system. It added that licensed tokens must now possess a delisting policy enabling firms to stop supporting coins while at the same time mitigating the losses of the holders.

The department has played a strict supervisory role during the current bear market, and as a result, a $100 million settlement was imposed on Coinbase for noncompliance earlier this year. The department also stopped Paxos from issuing the BUSD stablecoin alongside Binance.

The DFS has acquired the respect of most in the industry, even as other regulators, such as the SEC and Congress, seem reluctant to create regulations for the volatile sector.

The NYDFS calls for feedback 

The department is now asking the public for feedback on its new regulatory requirements on crypto firms within the USA. The new proposal focuses on liquidity, legal, regulatory risks, reputation, and market. Superintendent Adrienne Harris stated in the announcement that his priority was to ensure the department keeps up with the developments in the ever-evolving financial landscape to protect investors and markets. 

He added that he had achieved this by building a team of experienced professionals dedicated to ensuring industry safeguards engaging regulators worldwide. The announcement also followed new guidelines allowing the DFS to evaluate supervisory costs from licensed firms in NewYork, guidelines which the department now seeks the public’s feedback on.

According to the new green List eToro trading platform was the newest firm to receive licensing from DFS in February. There are more than thirty firms licensed in the state of New York.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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