The New York State Department of Financial Services (NYDFS) has issued an approval notice allowing crypto firms in the state to hold, list, and trade ten selected (10) coins and tokens.
According to an announcement on its website, the NYDFS has green-lighted eight (8) cryptocurrencies for listing and custody they include: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard Token (PAX).
A snippet of the announcement reads:
Any entity licensed by DFS to conduct virtual currency business activity in New York 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 prior to beginning its use.
The notice goes on to state that prior to using any of the cleared tokens, the licensed businesses and crypto firms must first inform the regulatory agency.
Additionally, the NYDFS notes that it reserves the right to remove any tokens from the green list at its own discretion, as well as reserving the power to limit the activity of any of the coins or to discontinue the list entirely.
The New York State Department of Financial Services ranks as one of the primary regulatory institutions for cryptocurrency-related activities in New York, USA – a state known to lead in adoption of new industries and regulation.
The agency had in 2019 issued updated business licenses “BitLicense” to cryptocurrency firms; and by this latest announcement is offering conditional clearance for crypto companies to list tokens.