The NYFDS [New York State Department of Financial Services] has issued a greenlist of 8 cryptocurrencies for sale & trade, and 10 coins approved for custody by licensed entities.
In line with a recent 3rd Aug. update on the official website NYDFS, regulators have approved 8 cryptocurrencies for listing and trading. These tokens include Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Binance USD [BUSD], Gemini Dollar [GUSD], Pax Gold [PAXG], along with the Paxos Standard Token [PAX]. The NYDFS also greenlighted the similar coins for custody as well as Ripple [XRP] & Ethereum Classic [ETC].
“Any entity licensed by DFS to conduct virtual currency business activity in New York might use coins on the Greenlist for their approved purpose,” the NYDFS added. However, it clarified that any licensed business needed to inform the regulatory body before using any green-listed token.
The announcement also revealed that the NYDFS has the authority to delist any of the tokens from the greenlist at any given time, limit the activity of any coin, as well as discontinue the list entirely.
Regulation Crypto Businesses In United States
The NYDFS is one among primary regulatory agencies for cryptocurrency-related businesses within the state of New York, as the regulator issues a major business license for crypto assets, the BitLicense. As the home of the financial capital of the U.S., the NYDFS is usually at the frontline of latest regulation.
Also earlier in June, the regulator announced that it might be allowing a conditional sort of license for crypto firms to list tokens. Firms could also be able to partner with an existing BitLicense holder to get dedicated guidance concerning the structure, capital, systems and personnel requirements.