Saturday, July 20, 2024

New York’s chief financial regulatory authority has considerably curtailed the roster of sanctioned digital currencies that can be offered on regulated cryptocurrency trading platforms. Among the digital assets excluded from the so-called Greenlist are XRP, dogecoin, litecoin, and ethereum classic. In addition, the authority has advanced a set of new guidelines aimed at augmenting risk assessment measures for coin-listing protocols and introducing specialized requirements tailored for businesses that engage with retail consumers.

Revised Crypto Greenlist Unveiled by New York State Authorities

This Monday, Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) provided an updated statement on the department’s continuous efforts to bolster its oversight of the digital currency marketplace. Concurrently, the DFS unveiled an amended catalog of digital currencies that are authorized for listing or custodial services by entities that hold licenses granted by the DFS.

The DFS stipulates that firms possessing a DFS license or charter to operate in the virtual currency sector within New York may include coins on the Greenlist without necessitating a distinct coin-listing policy approved by the DFS. The regulator clarified that any such entity electing to offer a coin listed on the Greenlist is obligated to inform the DFS a minimum of 10 days prior to making the asset available for transactions within New York.

The updated list disclosed this Monday features the following cryptocurrencies: bitcoin (BTC), ethereum (ETH), Gemini dollar (GUSD), GMO JPY (GYEN), GMOUSD (ZUSD), Pax Gold (PAXG), Pax dollar (USDP), and Paypal dollar (PYUSD).

Previously Extended Greenlist Trimmed

Before the recent update, the Greenlist was considerably more extensive, featuring an array of cryptocurrencies that had received either custodial, listing, or both types of approval. As of July, the list included a variety of coins such as 0x (ZRX), aave (AAVE), bancor network token (BNT), basic attention token (BAT), Binance USD (BUSD), bitcoin (BTC), bitcoin cash (BCH), chainlink (LINK), dogecoin (DOGE), ethereum classic (ETC), ethereum (ETH), among others.

Further Particulars of the Announcement

The updated guidelines for coin-listing, as well as the broader framework for Greenlisted Coins, build upon and refine the initial framework laid out by the Department in 2020. Per the DFS, the newly released guidelines not only increase the criteria for risk assessment associated with coin-listing protocols but also institute more stringent requirements aimed at businesses that predominantly serve retail customers. These guidelines mandate license holders to devise and submit to the DFS a coin-delisting policy that adheres to this new guidance. Furthermore, the guidelines also provide updates to the DFS Greenlist, clarifying the process and criteria for listing or custodial services. The department has opened up the newly proposed guidelines for public commentary until October 20.

Your thoughts on the revised list of approved cryptocurrencies are welcome. Please share your insights in the comments section below.

Frequently Asked Questions (FAQs) about New York Greenlist Update

What is the New York Greenlist?

The New York Greenlist is a catalog of digital currencies that are authorized for listing or custodial services by entities holding licenses granted by the New York State Department of Financial Services (DFS).

Who is responsible for updating the Greenlist?

The New York State Department of Financial Services (DFS), under the supervision of Superintendent Adrienne A. Harris, is responsible for the oversight and periodic update of the Greenlist.

What major changes were made to the Greenlist recently?

The DFS has considerably reduced the number of cryptocurrencies on the Greenlist. Notable coins that were removed include XRP, dogecoin, litecoin, and ethereum classic.

What are the new guidelines introduced by the DFS?

The new guidelines aim to augment risk assessment measures for coin-listing policies and introduce more stringent requirements aimed at businesses that predominantly serve retail customers. These guidelines also mandate that license holders must develop and submit a coin-delisting policy that adheres to this new guidance.

When do these changes and new guidelines come into effect?

The proposed guidelines have been released for public commentary and will be open for feedback until October 20. The changes to the Greenlist are effective as of the date of the official announcement.

How does the Greenlist affect businesses operating in New York?

Entities possessing a DFS license or charter to operate in the virtual currency sector within New York may list coins on the Greenlist without requiring a separate DFS-approved coin-listing policy. However, they are obligated to inform the DFS at least 10 days prior to making the asset available for transactions in New York.

What cryptocurrencies remain on the updated Greenlist?

The updated list includes bitcoin (BTC), ethereum (ETH), Gemini dollar (GUSD), GMO JPY (GYEN), GMOUSD (ZUSD), Pax Gold (PAXG), Pax dollar (USDP), and Paypal dollar (PYUSD).

Are there any special provisions for stablecoins?

The Greenlist does identify certain stablecoins, such as the Gemini dollar (GUSD), as approved for issuance in New York by virtual currency entities.

What is the deadline for public commentary on the new guidelines?

The deadline for public commentary on the newly proposed guidelines is October 20.

How can stakeholders provide their feedback on the new guidelines?

The announcement indicates that the proposed guidelines are open for public feedback until October 20, although the specific methods for submitting feedback were not provided in the original text.

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