On December 11, 2019, the New York Department of Financial Services (“NYDFS”) published “Proposed Guidance Regarding Adoption or Listing of Virtual Currencies” (“Proposal”). The Proposal would establish a framework to allow “regulated virtual currency licensees” and entities exempt from licensure, such as trust companies, to offer or incorporate into their services cryptocurrencies that are:
- pre-approved by NYDFS; or
- certified by the licensee as being compliant with the licensee’s NYDFS-approved listing criteria.
The Proposal is intended to “enhance efficiency” and enable licensees to “offer and use new coins in a timely fashion”.Read More