TechFlow news, the New York Department of Financial Services (NYDFS) has issued new standards for virtual currency (coin) listing and delisting. These new regulations apply to BitLicense holders and limited-purpose trust companies, including considerations around virtual currency entity (VCE) business models, updated risk assessment expectations for VCEs, new advance notice requirements, and revised definitions.
Under the latest guidance, VCEs that previously obtained approval for coin listing policies must obtain NYDFS approval of their coin listing and delisting policies before self-certifying any coin. Once NYDFS approves both policies, a VCE may self-certify coins for activities in New York. However, without an NYDFS-approved listing policy, a VCE is almost always restricted to listing coins on the NYDFS green list, unless specific NYDFS approval is granted. Furthermore, NYDFS retains discretionary authority to require a VCE to delist a coin or restrict New Yorkers' access to non-green-listed coins.
