New York Financial Services Issued Greenlist Of 8 Virtual Currencies For Sale And Trade
New York Financial Services Issued Greenlist Of 8 Virtual Currencies For Sale And Trade
August 10, 2020
New York Financial Services Issued Greenlist Of 8 Virtual Currencies For Sale And Trade
New York Financial Services Issued Greenlist Of 8 Virtual Currencies For Sale And Trade
August 10, 2020

The New York State Department of Financial Services (NYDFS) has issued a greenlist of 8 virtual currencies for sale and trade, and 10 coins approved for custody by licensed entities.

It has been reported according to an August 3 update on the New York Department of Financial Services website that state 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), and the Paxos Standard Token (PAX).

However, the NYDFS also greenlighted the same coins for custody as well as XRP and Ethereum Classic (ETC).

The NYDFS stated:

“Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose.”

It clarified that any licensed business needed to inform the regulatory body prior to using any greenlisted token. 

The report also stated that the NYDFS has the authority to remove any of the tokens from the greenlist at any given time, limit the activity of any coin, as well as discontinue the list entirely.

ALSO READ :  Tesla Is The First Of Newly Launched Binance Stock Tokens

The NYDFS is one of the primary regulatory agencies for crypto-related businesses in the state of New York, as the regulator issues a major business license for cryptocurrencies, the BitLicense.

As the home of the financial capital of the United States, the NYDFS is often at the front line of new regulation.

In June, the regulator announced that it would be allowing a conditional type of license for crypto firms to list tokens.

Thus, firms may be able to partner with an existing BitLicense holder to obtain dedicated guidance relating to the structure, capital, systems, and personnel requirements.

Source: Cointelegraph | Image: Publish0x


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.