New York Regulator Sets New Rules for Crypto Exchanges on Listing Tokens

NYDFS setting new guidance for how crypto exchanges like Coinbase list and delist tokens, with potential global implications.
Aims to be more proactive assessing risks in listing process, update "greenlisted" coins, and open comment period.
NYDFS has major influence - its rules echo worldwide given New York's centrality in finance. Mixed legacy.
Whitelisting/blacklisting tokens matters globally since trading is global. But compliant may not move quick enough.
Good intentions ≠ good policy. Lengthening listing and delisting processes may just advantage overseas exchanges.

coindesk.com

Relevant topic timeline:

9/18/2023

NY Regulator DFS Removes Ripple, Dogecoin from Approved Crypto List, Tightens Oversight Amid Bear Market

The New York Department of Financial Services (DFS) has updated its virtual currency oversight regime and removed over two dozen tokens, including Ripple, Dogecoin, and Litecoin, from its approved "greenlist," leaving only eight tokens, including Bitcoin and Ether, on the list. The updated guidance clarifies the department's expectations for coin-listing and delisting policies, includes heightened risk assessment standards, and requires a token-delisting policy to mitigate the impact on users. DFS has become a leading digital asset supervisor in the absence of comprehensive crypto regulation from Congress.

10/9/2023

Crypto Firms Adapt Services to Comply with New UK Crypto Promotion Rules

Major global cryptocurrency exchanges like Binance and OKX are working to comply with the United Kingdom's new financial promotion regulations to ensure fair and transparent crypto promotions, while some firms have been listed as "non-authorized" for promoting services without permission.

10/15/2023

Australian Government Proposes Crypto Exchange Regulation, Seeks Feedback on Rules

The Australian government plans to regulate cryptocurrency exchanges by requiring them to obtain a financial services license from the local financial regulator, aiming to address consumer protection and innovation in the digital asset sector. However, the proposal has received mixed reactions from crypto exchanges in Australia, with some praising the regulation for providing appropriate protections, while others express disappointment as it attempts to fit crypto into existing financial services rules rather than establishing a dedicated framework. The consultation paper is open for feedback until December 1, 2023.

10/16/2023

Australian Government Proposes New Crypto Exchange Regulations, Exchanges Split on Impact

The Australian Treasury has proposed new regulations to regulate cryptocurrency exchanges under existing financial services rules, receiving praise from crypto exchanges for providing regulatory certainty and promoting industry growth and innovation. However, some express concerns about fitting the crypto industry into existing financial services regulation.

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Posted 9/18/2023, 7:57:00 PM