The New York Department of Financial Services (NYDFS) is considering relaxing strict cryptocurrency listing requirements, as part of its BitLicense program, for the exchanges that operate in the state.
The agency has proposed two updates to the BitLicense program. If they are approved, the proposals could bring operations at exchanges and crypto businesses in line with existing anti-money laundering (AML) practices. Comments regarding the proposals should be submitted by January 27, 2020.
What are the changes to BitLicense?
Previously, exchanges had to run all new virtual assets by the department for approval before trading them. This meant that the agency dealt with coins on a case-by-case basis, leading to backlogs.
The new proposal lists two updates. The first one involves listing all DFS-approved coins on a separate webpage to inform investors that the coins have been vetted. The second option is for exchanges to self-certify virtual assets using a model framework for a coin-listing policy. The policy will outline criteria that the exchange can use to determine whether a coin is fit for listing or not. Read More...