New York financial regulator gives green light to 10 tokens for safekeeping

 

According to an August 3 update on the New York State Department of Financial Services (NYDFS) website, state regulators approved eight crypto-currencies for listing and trading. These tokens include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard Token (PAX). The NYDFS also gave the green light to the same currencies for safekeeping, as well as XRP and Ethereum Classic (ETC).

The Governor of New York wants crypto companies to cover the costs of NYDFS supervision
„Any entity authorized by DFS to conduct business with virtual currencies in New York may use Green List currencies for approved purposes,“ said the New York DFS. However, it clarified that any licensed company must inform the regulator in advance when using any Green List token.

The announcement also stated that the NYDFS may remove any token from the Green List at any time, limit the activity of any currency, as well as suspend the list completely.

NYDFS to Update BitLicense Terms for First Time in 5 Years

The regulation of crypto-currency in the United States
The NYDFS is one of the main regulators of companies related to cryptomonies in New York State, as the agency issues a major commercial license for cryptomonies, the BitLicense. As the seat of the financial capital of the United States, The News Spy is generally at the forefront of new regulation.

Gemini chose the broad regulation in New York and is leaning towards the conditional BitLicense
In June, the regulator announced that it would authorize a conditional license for crypto companies to add tokens. Companies can partner with an existing BitLicense holder to obtain specific guidance regarding structure, capital, systems, and staffing requirements.