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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
