New York State Department of Financial Services Unveils Stricter Crypto Listing and Delisting Rules
The New York State Department of Financial Services (NYDFS) has taken on a more active role in regulating the listing and delisting of tokens on exchanges in an effort to strengthen oversight of cryptocurrency firms.
On Wednesday, the NYDFS published guidelines for the listing of cryptocurrencies, which have gone into effect immediately.
Under these rules, crypto firms must obtain approval from the regulator for their coin-listing policies before they can list a new coin. The release of these guidelines follows the draft that was released for public comment in September.
According to NYDFS Superintendent Adrienne Harris, once a coin-listing policy has been approved by the regulator, the virtual currency entity can proceed with self-certification of coins, allowing them to be used for approved virtual currency business activities in New York or for New Yorkers.
The NYDFS has also stated that crypto firms without an approved coin-listing policy may only list tokens included in its “green list” unless otherwise approved.
The guidance outlines that a coin-listing policy must have comprehensive procedures in place, tailored to the crypto firm’s unique business model, operations, customers, and service providers, as well as geographical locations of operations.