ALBANY, N.Y.—The New York State Department of Financial Services (DFS) has issued guidance that adopts enhanced requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities, updating the prior framework issued by the Department in 2020.
The new guidance bolsters risk assessment standards for coin-listing policies and tailors enhanced requirements for retail consumer-facing businesses.
The guidance further requires licensees to develop and submit to DFS for approval a coin-delisting policy that is compliant with this guidance to ensure that, in the event a coin must be delisted, it can be done in an orderly way that protects consumers and minimizes market disruption, the DFS said.
Building on Earlier Initiative
According to the regulator, the effort builds on VOLT initiative, through which the Department has added more than 60 experts to oversee licensing and strengthen supervision, enhanced existing and established new policies and procedures, and enacted new assessment authority to support the continued growth of the virtual currency unit.
The guidance can be found here.
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