The New York State Department of Financial Services (NYDFS) has announced stricter guidelines for cryptocurrency firms listing and delisting coins in the state. The new restrictions require crypto companies to submit their coin listing and delisting policies for NYDFS approval. These policies will be evaluated against more rigorous risk assessment standards to protect investors. Factors such as technological, operational, cybersecurity, market, liquidity, and illicit activity risks will be considered. The changes apply to all digital currency business entities licensed under the New York Codes, Rules and Regulation or limited purpose trust companies under the state’s Banking Law. Previously approved coin listing policies are no longer valid, and firms must seek approval from the NYDFS before self-certifying any tokens. Companies such as Circle, Gemini, Fidelity, Robinhood, and PayPal are among those affected by the new rules. All affected firms must meet with the NYDFS by December 8, 2023, to preview their draft coin listing and delisting policies and submit them by January 31, 2024. Superintendent of Financial Services Adrienne A. Harris emphasized that the new regulations are not part of a state-wide crackdown on the cryptocurrency industry but rather aim to ensure a well-regulated way for New Yorkers to access the virtual currency marketplace. The NYDFS has been expanding its ability to identify illicit activities in the cryptocurrency space, such as insider trading and market manipulation. New York is home to approximately 690 blockchain-based companies, and about 19% of New Yorkers own cryptocurrency, according to a report by Coinbase.

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