{"id":59375,"date":"2023-09-15T11:27:25","date_gmt":"2023-09-15T15:27:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59375"},"modified":"2023-09-15T11:27:54","modified_gmt":"2023-09-15T15:27:54","slug":"nydfs-introduces-cryptocurrency-oversight-improvements","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nydfs-introduces-cryptocurrency-oversight-improvements\/","title":{"rendered":"NYDFS Introduces Cryptocurrency Oversight Improvements"},"content":{"rendered":"\n

FOX Business reporter Eleanor Terrett conveyed latest NYDFS crypto\u00a0policy changes\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. These changes aim to improve crypto security and transparency.<\/p>\n\n\n\n
\"NYDFS<\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The action is a response to rising concerns regarding fraud and inconsistency<\/a> in the industry.<\/p>\n\n\n\n

Meanwhile, Eleanor Terrett disclosed that the NYDFS intends to implement stricter regulations for the cryptocurrency industry.<\/p>\n\n\n\n

The imminent publication of revised policies for coin listings could significantly impact crypto companies operating in the state.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The regulator is adamant that crypto firms<\/a> must hold customer funds solely for custody and safeguarding services.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

These measures are viewed as crucial to establishing a more secure and regulated environment for cryptocurrencies in New York.<\/p>\n","protected":false},"excerpt":{"rendered":"

FOX Business reporter Eleanor Terrett conveyed latest NYDFS crypto\u00a0policy 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 […]<\/p>\n","protected":false},"author":56,"featured_media":59377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[132,16433,1811,13345,16434],"class_list":["post-59375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-lptc","tag-new-york","tag-nydfs","tag-token-listing"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/NYDFS_Hero.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=59375"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/59375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/59377"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=59375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=59375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=59375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}