The New York State Department of Financial Services (NYDFS) has known as on the public to offer feedback on a proposal aiming to strengthen regulatory necessities for crypto corporations working within the state.
In a Sept. 18 discover, the NYDFS said Superintendent Adrienne Harris had launched proposals on guidance for “enhanced criteria for coin-listing and delisting procedures” along with a framework “for designating coins or tokens” to the regulator’s greenlist. The proposal included suggestions for heightened requirements focusing on illicit finance, authorized, reputational, market and liquidity, and regulatory dangers.
“Since joining DFS, I have made it a priority to ensure the Department’s regulatory and operational capabilities keep pace with industry developments to protect consumers and markets,” stated Harris. “In less than two years, we’ve built our team to over sixty experienced professionals, created and enhanced consumer and industry safeguards, and engaged with policymakers around the world.”
NEW: Superintendent Harris Announces Update on Two-Year Transformational Initiative to Strengthen NYDFS’ Nation Leading #VirtualCurrency Oversight.
— NYDFS (@NYDFS) September 18, 2023
At the time of publication, the NYDFS greenlist for tokens included Bitcoin (BTC), Ether (ETH) and a number of other stablecoins issued by Gemini and PayPal. The announcement additionally followed the adoption of rules permitting the NYDFS to evaluate supervisory prices from licensed crypto corporations working in New York.
Since 2015, crypto corporations working in New York have largely been required to use for a BitLicense by the NYDFS. The regulator’s listing showed buying and selling platform eToro was the newest to obtain a license in February, making greater than 30 corporations licensed within the state.
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