NYDFS Proposes Stricter Regulations for Crypto Firms in New York, Seeks Public Feedback
Summary:
NYDFS has proposed stronger regulatory requirements for crypto firms operating in New York, seeking public feedback on enhanced criteria for coin-listing procedures and a framework for designating tokens. The proposal aims to address risks related to illicit finance, legal compliance, reputation, market and liquidity, and regulatory concerns. The NYDFS greenlist currently includes Bitcoin, Ether, and stablecoins. This proposal follows the introduction of rules allowing NYDFS to assess supervisory costs from licensed crypto firms operating in the state.
The New York State Department of Financial Services (NYDFS) has requested public input on a proposal to enhance regulatory requirements for cryptocurrency companies operating in the state. Superintendent Adrienne Harris has released proposals for improved criteria in coin-listing and delisting procedures, as well as a framework for designating coins or tokens to the NYDFS greenlist. The proposal focuses on raising standards in areas such as illicit finance, legal compliance, reputation, market and liquidity risks, and regulatory risks. Superintendent Harris emphasized the importance of keeping up with industry developments to protect consumers and markets. The NYDFS greenlist currently includes Bitcoin, Ether, and stablecoins issued by Gemini and PayPal. In addition, the NYDFS recently introduced rules that allow them to assess supervisory costs from licensed crypto firms operating in New York. Since 2015, crypto firms have been required to obtain a BitLicense through the NYDFS to operate in the state. eToro is the latest platform to receive a license, bringing the total number of licensed firms to over 30.
Published At
9/18/2023 3:49:28 PM
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