The New York State Department of Financial Services (NYDFS) has said it strengthened its guidelines for listing or de-listing cryptocurrencies in a move to beef up protections for crypto investors throughout the state, NYDFS Superintendent Adrienne A. Harris said Wednesday in a statement.
The updated guidelines will require crypto companies to submit their coin listing and delisting policies for NYDFS approval. The firms' policies will be measured against more stringent risk assessment standards to ensure that de-listings occur "in an orderly way that protects consumers and minimizes market disruption," according to the statement.
“This guidance continues the Department’s commitment to an innovative and data-driven approach to virtual currency oversight, keeping pace with industry developments,” Harris said.
The new rules also require companies to give advance for token de-listings and to be more transparent with their customers about removing support for cryptocurrencies they once listed. In addition, the companies must formulate their policies based upon “specific business model, operations, customers and counterparties, geographies of operations, and service providers; and to the use, purpose, and specific features of coins being considered.”
The NYDFS' rollout of the revised guidance follows a feedback period that began in September.
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