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New York Regulator Seeks Tougher Norms for Adding, De-Listing Crypto Coins
Licensees in the state will have to set out technology, market and regulatory risks for listed cryptocurrencies under the state’s BitLicense regime.
Updated Sep 20, 2023, 3:00 p.m. Published Sep 18, 2023, 2:06 p.m.
Crypto coin listings will face tougher restrictions from the New York Department of Financial Services , especially if they target retail clients, according to proposed updated guidelines issued by the regulator Monday.
Licensees would need to assess legal, reputational and market risks of any new coins, and they'd also have to set out how they would reverse the process by de-listing a token, according to the consultation, proposed by NYDFS Superintendent Adrienne Harris.
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“Since joining DFS, I have made it a priority to ensure the Department’s regulatory and operational capabilities keep pace with industry developments to protect consumers and markets,” Harris said in a statement, citing a team of more than 60 staffers and over $132 million in fines levied on virtual currency companies.
In April, the regulator – which has previously sanctioned companies such as Coinbase and Robinhood – set out how crypto firms will be analyzed for money laundering and cybersecurity norms.
As part of the September move, the regulator also updated its list of greenlisted coins which licensees can list or custody without further regulatory hurdles – and which now includes bitcoin , ether , and stablecoins issued by PayPal and Gemini.
New York has been a U.S. pioneer in regulating crypto – and, while some have welcomed the regulatory clarity, those such as Kraken have pulled out in protest.
Read more: New York City: A Crypto Sandbox in a Big Business Playground
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