The New York State Department of Financial Services, or NYDFS, hasactually called on the public to offer feedback to a proposition intending to enhance regulative requirements for crypto companies operating in the state.
In a Sept. 18 notification, the NYDFS stated Superintendent Adrienne Harris had launched propositions on assistance for “enhanced requirements for coin-listing and delisting treatments” in addition to a structure “for designating coins or tokens” to the regulator’s greenlist. The proposition consistedof suggestions for increased requirements focusing on illegal financing, legal, reputational, market and liquidity, and regulative threats.
“Since signingupwith DFS, I haveactually made it a concern to makesure the Department’s regulative and functional abilities keep speed with market advancements to secure customers and markets,” stated Harris. “In less than 2 years, we’ve constructed our group to over sixty experienced experts, produced and improved customer and market 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.
More: https://t.co/llh9K3dM13 pic.twitter.com/nOJvfuel00
— NYDFS (@NYDFS) September 18, 2023
Related: 19% of New Yorkers own cryptocurrency: Coinbase report
At the time of publication, the NYDFS greenlist for tokens consistedof Bitcoin (BTC), Ether (ETH), and anumberof stablecoins provided by Gemini and PayPal. The statement likewise followed the adoption of guidelines permitting the NYDFS to evaluate supervisory expenses from certified crypto companies operating in New York.
Since 2015, crypto companies operating in New York have mostly been needed to use for a BitLicense through the NYDFS. The regulator’s list revealed trading platform eToro was the most current to get a license in February, making more than 30 companies certified in the state.
Magazine: Crypto City: Guide to New York