New York state’s financial regulator just rescinded its approval on most of the digital assets it had previously made easy for crypto firms to do business with.
The New York State Department of Financial Service (DFS) previously had 24 assets on their “Greenlist” of coins.
The agency says virtual currency (VC) entities can list or custody assets on the Greenlist without additional regulatory requirements.
“The Greenlist is wholly separate and independent from any individual VC Entities’ coin-listing policies and resulting self-certifications.”
The number of coins on the list has now been slashed eight after the DFS decided to remove most of the tokens, including Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC) and Chainlink (LINK).
Leading crypto assets Bitcoin (BTC) and Ethereum (ETH) are still on the amended Greenlist, along with the stablecoins Gemini Dollar (GUSD), GMO JPY (GYEN), GMO USD (ZUSD), Pax Gold (PAXG), Pax Dollar (USDP) and PayPal Dollar (PYUSD).
The DFS says it can make changes to the listing whenever it finds it necessary to add or remove a coin.
“DFS may, at any time and in its sole discretion, add any coin to the Greenlist; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; discontinue the Greenlist process entirely; prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; or require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin.”
The regulator can add a coin to the Greenlist if the asset or its issuer has a proven track record of safety, soundness and customer protection, as well as widespread adoption. The list can also include stablecoins that the agency has approved for issuance.
VC entities that choose to list any of the Greenlisted coins are required to notify the DFS at least 10 days in advance before starting support. They also need to have a DFS-approved coin-delisting policy.
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