New Crypto Regulations in New York
The New York Department of Financial Services (NYDFS) recently issued new guidance on crypto regulations in the city, aimed at protecting consumers and increasing transparency for crypto platforms operating in New York. The new rules require licensees to notify the authority before listing or delisting a crypto coin and submit their policies on how they handle these actions.
Crypto entities are not allowed to self-certify a crypto asset for trading without regulatory approval over their policies. Additionally, they must keep records accessible to authorities and consider operational, technological, illicit activity risk, tokens, liquidity, and market factors when designing policies.
Entities currently operating in New York City must submit their listing and delisting policies draft by January 1, 2024. The regulation also prohibits listing an exchange’s native token and sets criteria for stablecoin listings. Superintendent Adrienne A. Harris emphasized that the rules are meant to protect users and promote a well-regulated crypto market.
Hot Take: NYDFS’s Latest Crypto Regulations
The newly proposed regulations by NYDFS are designed to protect consumers and bring more transparency to the crypto industry in New York. By mandating that licensees notify the authority about listing or delisting a crypto coin and submit their policies for approval, the department aims to ensure user protection and a well-regulated market at the center of technological innovation.
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