The first regulator of New York will now determine which firm is allowed to record or delist a cryptocurrency.
The New York State Division of Monetary Providers (NYDFS) has unveiled a brand new set of “heightened requirements” for itemizing and delisting cryptocurrencies because the market “has advanced sufficiently.”
In an announcement on Nov. 15, NYDFS Superintendent Adrienne A. Harris stated that licensed crypto companies looking for itemizing of a token must submit their itemizing and delisting insurance policies and obtain approval from NYDFS. The regulator famous it “won’t approve a coin itemizing coverage absent an accompanying coin delisting coverage.”
Crypto companies may record a selected set of cryptocurrencies with out itemizing and delisting insurance policies, however this solely applies to these cash included on the NYDFS greenlist. As of press time, the record consists of Bitcoin (BTC), Ethereum (ETH), and 6 stablecoins.
Earlier than itemizing a cryptocurrency, the brand new guidelines additionally require crypto companies to judge a number of dangers, equivalent to regulatory, operational, authorized, cybersecurity, and conflicts of curiosity.
With the up to date regulatory regime, crypto exchanges are barred from itemizing privacy-focused cryptocurrencies with out prior approval, saying that “if a coin is designed or considerably used to bypass legal guidelines and laws, or has options designed to facilitate the obfuscation or concealment of the id of a person or entity, it can’t be self-certified.”
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