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<p>The post <a href="https://coinpedia.org/news/nydfs-implements-new-regulatory-guidance-for-listing-and-de-listing-crypto/">NYDFS Releases New Guidelines for Coin Listings and Delistings</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The <a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202311151">New York State Department of Financial Services (NYDFS)</a> has introduced stricter guidelines for crypto firms regarding the listing and delisting digital currencies. This development, announced on November 15, signals a proactive step by the NYDFS to align crypto operations within a more rigorous regulatory framework.</p> 
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   <p lang="en" dir="ltr">Supt. Harris spoke to the <a href="https://twitter.com/EconClubNY?ref_src=twsrc%5Etfw">@EconClubNY</a> on DFS’ transformation under her leadership. She discussed her commitment to robust and inclusive engagement with consumers, community &amp; civil leaders, legislators, regulators, &amp; business leaders to develop policies that benefit New Yorkers. <a href="https://t.co/CXQ82zTSyj">pic.twitter.com/CXQ82zTSyj</a></p>— NYDFS (@NYDFS) <a href="https://twitter.com/NYDFS/status/1724911832035393852?ref_src=twsrc%5Etfw">November 15, 2023</a>
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<p>Under the fresh <a href="https://coinpedia.org/crypto-live-news/nydfs-requires-crypto-companies-to-seek-approval-for-coin-listings/">guidelines</a>, crypto companies now must get approval from NYDFS for their coin listing and delisting policies. NYDFS will review these policies against higher standards covering technology, operations, cybersecurity, market, liquidity, and illicit activities. NYDFS insists on transparency and advance notice for token delistings to maintain a stable market for investors.</p> 
<h2 class="wp-block-heading" id="h-highlights-of-the-guidelines"><strong>Highlights of the Guidelines</strong></h2> 
<ul> 
 <li><strong>Enhanced Coin-Listing and Delisting Requirements:</strong> Emphasis on risk assessment for retail-focused businesses; mandates approval for coin-delisting policies.</li> 
 <li><strong>VOLT Initiative Expansion:</strong> Adds 60+ experts for better oversight; establishes new policies and procedures for virtual currency growth.</li> 
 <li><strong>Proactive Virtual Currency Regulation:</strong> Eight regulatory guidances issued; over $132 million in penalties against crypto companies; enforced remediation for misconduct.</li> 
 <li><strong>Data-Driven Policy Approach:</strong> Guidance based on extensive research and consultations, adapting to evolving market risks.</li> 
</ul> 
<h2 class="wp-block-heading" id="strong-compliance-requirements-strong"><strong>Compliance Requirements</strong></h2> 
<p>Cryptocurrency entities operating under the New York Codes, Rules, and Regulation, or as limited purpose trust companies, must adhere to these guidelines. This includes high-profile firms like Circle, Gemini, Fidelity, Robinhood, and PayPal. These entities must meet with the NYDFS by December 8, 2023, to discuss their draft policies and submit them by January 31, 2024.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/anything-can-come-out-of-the-coinbase-case-austin-campbell-says-things-dont-look-good-for-the-sec/">SEC’s Subpoena of PayPal: What It Means for Crypto Regulation</a></p> 
<p><strong>Expert Insights </strong></p> 
<p>Adrienne A. Harris, the Superintendent of Financial Services, highlights that the new rule is not a crackdown on the cryptocurrency industry but a stride toward “innovative and data-driven” regulation.&nbsp;</p> 
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 <p><em>“This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments. DFS is consistently at the forefront of virtual currency regulation, translating years of knowledge and experience into timely and relevant guidance which protects consumers and markets.” – said Superintendent Harris.&nbsp;</em></p> 
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<h2 class="wp-block-heading" id="new-york-s-role-in-the-crypto-evolution">New York’s Role in the Crypto Evolution</h2> 
<p>As a major hub for blockchain-based companies, <a href="https://coinpedia.org/news/former-new-york-stock-exchange-president-prepares-to-restart-collapsed-crypto-exchange-ftx/">New York</a> is home to around 690 entities in this space, with about 19% of its residents owning cryptocurrency. NYDFS’s initiative marks a crucial moment in the ongoing evolution of crypto regulation, ensuring a secure environment for consumers and markets.</p> 
<p>Read More: <a href="https://coinpedia.org/news/bidens-treasury-pursues-new-crypto-powers-what-it-means-for-investors/">Biden’s Treasury Sounds Alarm on Digital Assets and Terrorism, Calls for Regulation</a></p>

NYDFS Releases New Guidelines for Coin Listings and Delistings

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