New York State Department of Financial Services or NYDFS has approved multiple cryptos for custody service and listing.
10 August, 2020 | AtoZ Markets – Cryptocurrency has existed for more than a decade. But, the legal status of cryptocurrency remains unclear. Moreover, various jurisdictions defined crypto differently. Global economic unrest due to the coronavirus has affected the development of the crypto industry. However, it has accelerated the adoption of cryptocurrencies in multiple countries.
List of New York approved cryptocurrencies for listing and trading
NYDFS seems to be working to make the state’s cryptocurrency ecosystem more efficient. It is one of the major New York financial regulators. NYDFS has approved eight cryptos that can be traded and ten coins for custody by licensed entities. So, authorized banks and other financial institutions can store and list coins without regulatory approval. However, financial institutions must notify NYDFS before using the coin.
NYDFS said, “Any licensed entity may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS before beginning its use”. However, the regulator also added it has the authority to remove, restrict, and cease the activity of any listed coin completely.
Here is the list of New York approved cryptocurrencies for listing and trading:
- Bitcoin (BTC)
- Binance USD (BUSD)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Gemini Dollar (GUSD)
- Litecoin (LTC)
- Pax Gold (PAXG)
- Paxos Standard (PAX)
Here is the list of New York custody tokens:
- Binance USD
- Bitcoin Cash
- Ethereum Classic (ETC)
- Gemini Dollar
- Pax Gold
- Paxos Standard
However, in March, NYDFS instructed crypto companies to develop a COVID-19 contingency plan for showing the seriousness of the virus for business and public health. Regulators were particularly concerned about the potential for hackers to try to exploit the outbreak. NYDFS also encouraged companies to consider implementing more robust security measures. It also highlighted the risk of hacks and can detect fraudulent transaction behavior.
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