The New York State Department of Financial Services has created a Greenlist of pre-approved cryptocurrencies for custody service

According to an Aug. 3 update on the New York Department of Financial Services website (NYDFS), they created a green list of 8 cryptocurrencies for sale and trade and ten coins approved for custody by licensed entities custody service and listing. Meanwhile, SEC Commissioner Hester Peirce, aka Crypto Mom, was confirmed for another term at the committee.

N.Y. Regulatory Green List of Cryptocurrencies

The New York State Department of financial services (DFS), the Bitlicense regulator, has published a Greenlist comprising ten cryptocurrencies for custody and eight cryptocurrencies for listing.

The ten cryptocurrencies are Bitcoin, Ethereum, Ripple (XRP), Bitcoin Cash, Ethereum Classic, Binance USD (BUSD), Gemini Dollar (GUSD), Litecoin, Pax Gold (PAXG), Paxos Standard (PAX). The same cryptocurrencies are pre-approved for listing, except for ETC and XRP. If a licensed entity decides to use a coin on the Greenlist, it must inform DFS before beginning its use.

NYDFS-has-created-a-greenlist-of-pre-approved-cryptocurrencies-for-custody-service-and-listing

The DFS’ current Greenlist of approved cryptocurrencies for custody and listing

The NYDFS stated:

“Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose.”

However, it clarified that any licensed business needed to inform the regulatory body before using any green listed token.

The Greenlist follows guidance proposed by the DFS in December last year, which includes proposals for coin adoption or listing options that the regulator wanted to make available to crypto entities.

The DFS will maintain an updated list of all cryptocurrencies permitted for crypto companies’ business activities without its prior approval, as long as such listed coins had not been subject to any material modification, division, or change after their listing on the DFS webpage.

Crypto companies can create a coin-listing or adoption policy tailored to their specific business model and risk profile. If approved by the DFS, the company would be able to self-certify the listing or adoption of new coins in addition to those on the Greenlist, without any further approval from DFS.

WLifeMan, the U.S. Senate, has confirmed Hester Peirce, the crypto-friendly commissioner, often known as Crypto Mom, for another term at the Securities and Exchange Commission (SEC). Peirce has been pushing for the approval of Bitcoin ETF. In February, she announced her “Token Safe Harbor Proposal,” which she described as “a proposal to fill the gap between regulation and decentralization.”

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