New York proposes stricter regulations on cryptocurrency listings

 

New York :

proposes stricter regulations on :

cryptocurrency listings :

NYDFS unveils new regulations to

enhance transparency in the cryptocurrency industry.

As the need for transparency in the cryptocurrency industry grows

the New York State Department of Financial Services (NYDFS)

looks to lead regulatory responsibility by implementing strict rules

and guidelines for companies operating in different regions within the state.

New listing guidelines revealed

According to a report released by the newspaper on Monday

September 18, NYDFS proposes

a new comprehensive set of guidelines for cryptocurrency companies.

The framework addresses :

• the valuation process to which cryptocurrency offers

• are subject before they are listed or written off

• thereby achieving greater transparency.

Adrian Harris :

superintendent of the New York State Department of

Financial Services :

stated that the proposed legislation stems from

the discovery of perceived shortcomings in the current system

and aims to make the criteria for currency offerings more robust.

When we know that the currency someone thought was OK

and when we see new risks emerging or currency abuse

we want our entities to have a way to write off the currency in

a way that still protects consumers and protects safety and safety as well.

A critical aspect of :

the framework is risk assessment.

• Cryptocurrency companies operating in the state

• must conduct valuations and introduce new policies to

• list and write off currencies before they are submitted.

This measure aims to protect consumers

while allowing companies to list with clear regulatory approval.

This proposed :

legislation coincides with Harris

second anniversary as the main organizer in New York.

During her tenure, NYDFS issued significant fines of

$132 million against companies such as Coinbase

and Robinhood's cryptocurrency unit.