The cryptocurrency world is experiencing good days in the current few years. A lot of governments and financial authorities started to show greenlight to cryptocurrencies. Some categorized cryptos as commodity or security and some regulated them as other types of assets. In fact, the world is becoming more crypto friendly. As a result, every day we hear in the news that a new government or institutions regulated cryptos, which helps the crypto world to be adopted by masses. In the latest news, 10 new tokens regulated in New York. In fact, they showed greenlight to 10 new tokens for custody.
New York financial regulator greenlights 10 coins for trading
The New York State Department of Financial Services is responsible for issuing licenses to crypto firms. Recently, they regulated 8 new coins for trading. These coins consist of 3 paxos tokens. In addition, they approved 10 coins for custody by licensed entities.
In line with Wallebi, on Aug. 3 the NYDFS approved 8 cryptocurrencies for trading. These tokens consist of Bitcoin (BTC), Bitcoin Cash (BCH), Binance USD (BUSD), Ethereum (ETH), Litecoin (LTC), Gemini Dollar (GUSD), Pax Gold (PAXG) and PAXOS Standard Token (PAX). Additionally, they approved two more coins for custody. These two coins are Ethereum Classic (ETC) and Ripple (XRP).
However, the NYDFS announced that any license business, which willing to use the green-listed tokens have to inform the regulator body in advance. In addition, the NYDFS has the right to remove any of the tokens from the list at any time, limit the activity of any coin or even discontinue the entire list.
10 New Tokens Regulated in New York; NYDFS is the crypto regulator in the US
The NYDFS is one of primary regulatory agencies, which issues BitLicense for businesses. BitLicense is the major business license which is necessary for cryptocurrency related businesses. As a result, the NYDFS is always at the front line of new regulation.
Previously the NYDFS announced that they would allow a conditional type of license for crypto companies and businesses to list tokens. In order to make the process simple, the companies can partner with an existing BitLicense holder.