The New York State Department of Financial Services (NYDFS) has approved eight cryptoassets for listing and trading on exchanges and ten for holding in licensed organizations.
The regulator’s website presents two categories of assets: cryptocurrencies, which are allowed to be stored in licensed firms, and cryptoassets, available for trading on exchanges. The second category includes BTC, ETH, BCH, LTC, BUSD, GUSD, PAXG and PAX. In the first category, in addition to these cryptocurrencies, XRP and ETC were added.
The NYDFS clarified that any firm with a BitLicense to conduct cryptocurrency activities in New York State can operate with assets from these lists. Before companies start using them, they must notify regulators.
NYDFS has overseen the cryptocurrency industry in New York State since 2015. In June, the NYDFS announced that it would make it easier for cryptocurrency firms to obtain a BitLicense and suggested using a conditional license under which startups could work with companies that already have a valid BitLicense. Additionally, NYDFS Superintendent Linda Lacewell said last month that the industry has generally reacted positively to the changes made to BitLicense. These changes affect the approval process for cryptocurrencies for listing and the structure of their placement on exchanges.
Recall that more than half a year ago, Governor Andrew Cuomo proposed to tighten regulation of cryptocurrency companies and expand the powers of the NYDFS in regulating the activities of licensed companies working with digital assets.
