New York Department of Financial Services Sets New Rules for the Crypto Industry

The new guidelines issued by the New York Department of Financial Services for the crypto sector highlight some notable conditions. Exchanges will now be required to obtain regulatory approval when listing or delisting tokens.

The New York State Department of Financial Services (NYDFS) has released a new guide with the aim of strengthening its oversight of cryptocurrencies. This guide requires crypto companies to regulate their policies regarding token listing and the removal of assets listed on exchanges.

Enhanced Transparency Possible

The new rules from NYDFS also mandate crypto companies to seek regulatory approval for their listing policies before making decisions to list a token, with the goal of promoting greater transparency and accountability in the industry.

Additionally, the regulatory body specifies that crypto companies without NYDFS-approved token listing policies can only list tokens that are on the “green list.”

Delisting of High-Risk Tokens to be Required!

The guide also stipulates that if a token is determined to pose a high risk, crypto firms must cease supporting that token to minimize potential market risks and protect investors.

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