FOX Business reporter Eleanor Terrett conveyed latest NYDFS crypto policy changes. These changes aim to improve crypto security and transparency.
The NYDFS will no longer permit cryptocurrency firms operating in New York State to self-certify the adoption and listing of new tokens, effective immediately.
This decision signifies a significant policy shift to ensure that all BitLicense and Limited Purpose Trust Companies (LPTC) adhere to uniform DFS-approved listing standards.
The action is a response to rising concerns regarding fraud and inconsistency in the industry.
Meanwhile, Eleanor Terrett disclosed that the NYDFS intends to implement stricter regulations for the cryptocurrency industry.
The imminent publication of revised policies for coin listings could significantly impact crypto companies operating in the state.
However, this year, NYDFS superintendent Adrienne Harris emphasized the need for cryptocurrency companies and exchanges with BitLicenses to separate corporate funds from users’ virtual currency holdings on-chain and within the company’s internal ledger accounts.
The regulator is adamant that crypto firms must hold customer funds solely for custody and safeguarding services.
In addition, the NYDFS is mandating that all licensed businesses that hold assets must keep accurate records and provide customers with detailed information about their services through transparent terms and conditions.
These measures are viewed as crucial to establishing a more secure and regulated environment for cryptocurrencies in New York.
