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The New York State Department of Financial Services (NYDFS) has announced a critical development for the cryptocurrency industry today. According to this announcement, strict rules have been established for the listing and delisting of cryptocurrencies. It was emphasized that all Crypto Currency Trading Institutions have published new and stricter rules for the industry as part of the announcement made by the department. Companies were also invited to discuss the issue.
Framework of the New Guideline Principles
When the details of the new announcement are examined, it is stated that licensed companies falling within the scope of NYCRR Section 200 are included in this framework. Financial Services Superintendent Adrienne A. Harris made a statement regarding the matter and expressed that this move will provide protection for cryptocurrency investors throughout the state. According to the guideline, cryptocurrency companies were asked to pay attention to their business model evaluations. It was also reminded that organizations should provide transparency in terms of risk assessments.
One of the striking issues in the guideline is the delisting process of cryptocurrencies. Accordingly, the guideline introduced limited exceptions based on emergencies requiring prior notification. This limited exception was adjusted especially according to the requests received from the organizations. Because cryptocurrency companies have emphasized that there is no practicable aspect to the requirement of prior notification, especially in the delisting process. They also emphasized that this situation would lead to consumer losses.
Emphasis on Advance Payments Within the Rules
One of the rules introduced by NYDFS specifically drew attention to the requirement for companies to make advance payments during the delisting process of a cryptocurrency. On the other hand, companies are required to submit their cryptocurrency listing and delisting policies to obtain NYDFS approval. This move is expected to further enhance customer security in the cryptocurrency field. Thus, market risk will also be minimized.
Another important reflection of the introduced rules will be for cryptocurrency investors. Because a legal oversight process will inevitably provide a protection area for investors, allowing transactions to be made more easily. NYDFS has also set a deadline for companies. Accordingly, companies are required to submit their cryptocurrency listing policies to the agency by January 31, 2024, in order to obtain approval. In addition, it is recommended that companies meet with the department by December 8, 2023, and discuss draft cryptocurrency listing policies.
