NYDFS Releases Greenlist Allowing Ten Crypto Assets For Custody

Jyoti  |  Aug 10, 2020

A Greenlist of pre-approved cryptocurrencies, which include 10 crypto custody tokens and 8 tokens ready to get listed on exchanges, has been introduced by the New York State Department of Financial Services (NYDFS). 

It is to be noted that 10 cryptocurrencies on Greelist could only be taken into custody by the licensed entities.

While revealing NYDFS Greenlist, the regulators announced that now the licensed entities could use the cryptocurrencies on the Greenlist either for trading, buying, or selling.

Cryptos For Custody And For Listing

The cryptocurrencies pre-approved by NYDF are Ethereum Classic, Paxos Standard, Litecoin, Ehtereum, Pax Gold, Ripple (XRP), Binance USD, Gemini Dollar, Bitcoin, and Bitcoin Cash.

Apart from Ethereum and Ripple (XRP), rest all crypto assets are also available to licensed entities so that they could list those cryptos on their platform.

The regulator notified that before using any Greenlist coin on their platform, it would be important for entities to inform the NYDFS first about it.

For quite a long time the regulators have been planning to offer coin adoption and listing options to the crypto entities. In regard to that, in December 2019, the NYDF presented a proposal and now while going through that proposal a new Greenlist has been prepared.  

Crypto Mom’s New Tenure Starts At SEC

It has been notified that the companies dealing in cryptocurrencies are allowed to create their own ‘coin-listing or adoption policy’. They are free to modify the policy according to their companies’ model and risk profile. 

But before implementing the policy they would need to verify it from the DFS, once the regulatory body approves it the company could “self-certify the listing or adoption of new coins in addition to those on the Greenlist, without any further approval from DFS.”

At the same time, it has been announced that Hester Peirce, popularly known as the Crypto Mom, would be serving for another term at the Securities and Exchange Commission (SEC).

For a long time, she has been trying to authorize Bitcoin exchange-traded funds (ETFs) in the country.

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