The New York State Department of Financial Services (NYDFS) has announced new regulations aimed at safeguarding investors in the cryptocurrency market. Cryptocurrency companies will now be required to submit their listing and delisting procedures for approval to the NYDFS. The regulator will evaluate these procedures based on stricter risk assessment guidelines, considering factors such as technology, operations, cybersecurity, market, liquidity, and illegal behavior. Companies with an authorized coin listing policy are prohibited from self-certifying any tokens until they have been approved by the NYDFS. This regulation will impact limited-purpose trust organizations and digital currency business entities licensed under New York state laws. Companies such as Circle, Gemini, Fidelity, Robinhood, and PayPal will need to comply with these new regulations. The NYDFS will use an innovative and data-driven approach to monitor coin listings, delistings, and the overall cryptocurrency market. The goal is to provide New Yorkers with a well-regulated way to access the virtual currency marketplace while maintaining New York’s position as a hub for technological innovation and forward-looking regulation. The NYDFS has also expanded its capacity to detect illegal activity related to cryptocurrencies, including insider trading and market manipulation. According to a study by Coinbase, there are 690 blockchain-based businesses headquartered in New York, and 19% of state residents own cryptocurrency.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Adrienne A. Harris
Companies	Gemini, PayPal, Circle, Fidelity, Robinhood
Currencies	US Dollar
Securities	None