NYDFS calls for public feedback on proposed crypto regulatory guidance

The New York State Department of Financial Services, oregon NYDFS, has called connected the nationalist to supply feedback to a connection aiming to fortify regulatory requirements for crypto firms operating successful the state.

In a Sept. 18 notice, the NYDFS said Superintendent Adrienne Harris had released proposals connected guidance for “enhanced criteria for coin-listing and delisting procedures” successful summation to a model "for designating coins oregon tokens” to the regulator’s greenlist. The connection included recommendations for heightened standards focusing connected illicit finance, legal, reputational, marketplace and liquidity, and regulatory risks.

“Since joining DFS, I person made it a precedence to guarantee the Department’s regulatory and operational capabilities support gait with manufacture developments to support consumers and markets,” said Harris. “In little than 2 years, we’ve built our squad to implicit sixty experienced professionals, created and enhanced user and manufacture safeguards, and engaged with policymakers astir the world.”

Related: 19% of New Yorkers ain cryptocurrency: Coinbase report

At the clip of publication, the NYDFS greenlist for tokens included Bitcoin (BTC), Ether (ETH), and respective stablecoins issued by Gemini and PayPal. The announcement besides followed the adoption of rules allowing the NYDFS to measure supervisory costs from licensed crypto firms operating successful New York.

Since 2015, crypto firms operating successful New York person mostly been required to use for a BitLicense done the NYDFS. The regulator’s database showed trading level eToro was the astir caller to person a licence successful February, making much than 30 firms licensed successful the state.

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