Copy link
Increase text size
Decrease text size
Link copied

New York regulator publishes proposed guidance to modify BitLicense

Thu, 12 Dec 2019, 10:18 am UTC

The New York Department of Financial Services (NYDFS) has officially announced that it is reviewing its virtual currency regulations.

The regulator on Wednesday published proposed guidance that seeks to modify the approval process for new coin listings. NYDFS Superintendent Linda Lacewell said that this marks the first step in DFS’s review of New York’s BitLicense to respond to changes in the marketplace over the past four years.

CoinDesk reported that the NYDFS currently follows a case-by-case approach for approving every cryptocurrency offered in the Empire State by individual exchanges.

The proposed guidance aims to change this with two particular updates – the coins approved by the NYDFS for listing in New York can be listed by any exchange operating in the state provided they notify the regulator; and the NYDFS will publish a model framework for coin listings that can be tailored to a particular exchange’s business model and risk profile.

The NYDFS said that the coins currently contemplated for the list of approved coins include Bitcoin, Bitcoin Cash, Ether, Ether Classic, Litecoin, Ripple, Paxos Standard, and Gemini Dollar.

The regulator further highlighted the attributes that should be included in a company’s coin-listing policy. This includes governance, risk assessment, and monitoring to ensure that the firm’s continued adoption or listing of the coin remains prudent. Existing licensees would not be required to re-apply, Lacewell was quoted saying by CoinDesk.

"The idea being that you already have a license, you already have passed muster and have the controls in place, you are subject to examination by us," she said. "And we've approved a lot of coins since the early days so can [we] cut through the red tape and can we get to a place where responsible licensed companies can self-certify under appropriate guidance that we're putting forward?"

Comments on the proposed guidance could be submitted no later than Jan. 27, 2020.

Since the NYDFS’ virtual currency regulatory framework or BitLicense came into effect in 2015, the regulator has granted the license to a total of 24 firms so far, including crypto exchanges, bitcoin teller machine providers and other firms. However, the stringent regulations have also forced some crypto firms, including Kraken and ShapeShift, out of the state.

Previously in July, the NYDFS launched a new division that will be responsible for regulating and licensing crypto-related businesses. The new Research and Innovation Division will “house the Department’s division responsible for licensing and supervising virtual currencies, and it will assess new efforts to use technology to address financial exclusion.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,423.22 (+0.18%)
  • Ethereum (ETH) $160.88 (-1.09%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $320.80 (-4.57%)
  • Bitcoin SV (BSV) $275.41 (-3.44%)
  • Bitcoin (BTC) $8,423.22 (+0.18%)
Jan 24, 2020 (Friday)
12:24
Ripple CEO Brad Garlinghouse hints at the possibility of IPO
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:50
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:37
Japan ruling party lawmakers to propose digital yen in February: Report
11:00
Hackers becoming more sophisticated as crypto exchanges bolster security measures: Chainalysis
10:24
Crypto Technicals: XRP/USD slips below 21-EMA, more weakness to follow
10:23
Tether launches new stablecoin backed by physical gold
09:49
Crypto exchange ErisX partners with Etale to offer new trading features
09:23
World Economic Forum launches blockchain-based supply chain traceability platform
08:17
Crypto Technicals: LTC/USD holds above 51 mark, finds strong support at daily cloud
07:36
Liechtenstein's Financial Market Authority approves ethereum-based real estate tokenized fund
06:57
Greece to extradite alleged BTC-e operator Alexander Vinnik to France after supreme court ruling
05:26
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
04:44
Crypto exchange Binance invests in blockchain startup Numbers
04:24
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
04:23
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
04:04
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft