Bolsonaro’s Defense Requests Hospital Transfer and Humanitarian House Arrest 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand 
Special Prosecutor Alleges Yoon Suk Yeol Sought North Korea Provocation to Justify Martial Law 
Colombia’s Clan del Golfo Peace Talks Signal Mandatory Prison Sentences for Top Leaders 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
EU Signals Major Shift on 2035 Combustion Engine Ban Amid Auto Industry Pressure 
Jimmy Lai Convicted Under Hong Kong National Security Law in Landmark Case 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
In a significant shift, the New York Department of Financial Services (DFS) refines its virtual currency framework, streamlining the approval process while bolstering user protection. As the crypto industry navigates evolving regulations, DFS sets a stricter tone under Superintendent Adrienne Harris.
Over two dozen tokens have been removed from the DFS "greenlist" of approved tokens as part of the revamp. Among those were Ripple, Dogecoin, and Litecoin,
The DFS created the token greenlist as part of its broader crypto supervision. Under previous guidance, firms licensed by DFS could gain approval for custody and listing of tokens through a self-certification system. However, the recent changes reflect a departure from the self-certification system, as DFS looks to heighten risk assessment standards and enhance requirements for retail customer-facing businesses.
The updated greenlist, which now only includes eight tokens, aims to clarify the department's expectations for coin-listing and delisting policies of regulated entities. Licensees must have a token-delisting policy that mitigates the impact on users when ending support for coins.
DFS has taken a strict oversight role during the crypto bear market under Superintendent Adrienne Harris. The department has penalized cryptocurrency companies, including a $100 million settlement with Coinbase for compliance program failures. In addition, DFS ordered Paxos to stop issuing BUSD, a leading stablecoin issued in partnership with Binance.
The updated greenlist poses a dilemma for crypto firms, especially exchanges, as they navigate regulatory uncertainty and decide which tokens to include. With the removal of prominent tokens like Ripple, Dogecoin, and Litecoin, the virtual currency landscape is evolving.
The DFS update clarifies guidelines for digital firms and sets higher standards for coin listings and delistings. DFS aims to balance innovation and regulatory oversight in the virtual currency industry by streamlining the approval process and ensuring user protection.
Photo: Kanchanara/Unsplash
