The post New York Regulator Issues Guidance for Crypto Listing or Delisting appeared on BitcoinEthereumNews.com.

Countries around the globe are considering regulating crypto given increasing interest and investment in the sector. The flocking of investors demands safeguarding them and hence, agencies double down on regulations. Recently, the New York regulator reported bringing guidelines for crypto firms to comply before listing and delisting crypto tokens.  The New York State Department of Financial Services (NYDFS) came up with the “Industry Guidance” on Wednesday, November 15, 2023. These rules are meant for the listing of cryptocurrencies and are said to be enacted immediately.  According to the guidelines, crypto companies would need to get the approval of their “coin-listing policy” before listing the coin.  The regulator came up with the draft and asked for public comment in September this year.  Superintendent at NYDFS, Adrienne A. Harris, stated that the crypto listing or delisting guidelines came in the wake of efforts to solidify safety measures for cryptocurrency investors across the region.  In addition to the approval from the agency, the policies of related firms will be measured through strict risk assessment standards. It will take care of the delisting process to take place in a manner that will cause the slightest disruption in the market and protect consumers.  NYDFS Superintendent Adrienne Harris emphasized that this step enables approved virtual currency business activities within the state or catering to New Yorkers. The regulator outlined that cryptocurrency firms lacking NYDFS-approved coin-listing policies are restricted to tokens included in their “greenlist” unless otherwise authorized. The approved coin-listing policy, as per guidance, must encompass comprehensive procedures tailored to the crypto firm’s unique business model, operations, customer base, counterparties, geographical reach, and service providers.  The specified areas include governance, risk assessment, and ongoing monitoring of listed coins. Crucially, the guidance mandates that if a listed coin is identified as presenting heightened risk, crypto firms must…

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Filed under: News - @ November 16, 2023 3:22 pm