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The New York Financial Regulator gives the green light for 10 tokens for secure storage

August 10, 2020

According to an update from August 3 on the website of the New York State Department of Financial Services ((NYDFS for its acronym in English), State regulators approved 8 cryptocurrencies for listing and trading. These tokens include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Twin Dollars (GUSD), Pax Gold (PAXG) and Paxos Standard Token (PAX). . The NYDFS also gave the same coins the green light for safekeeping, as well as XRP and Ethereum Classic (ETC).

“Any company authorized by DFS to carry out economic activities with virtual currencies in New York can use the currencies of the Green List for the approved purposes.”explained the New York DFS. However, It has been clarified that any licensed company must inform the regulator in advance if they are using a Green List token.

The announcement also stated that NYDFS will be able at any time to remove all tokens from the green list, restrict the activity of any currency and suspend the list entirely.

The regulation of cryptocurrencies in the US

The New York Financial Regulator gives the green light for 10 tokens for secure storageThe New York Financial Regulator gives the green light for 10 tokens for secure storage

NYDFS is one of the primary regulators for cryptocurrency companies in New York State, since the agency issues an important commercial license for cryptocurrencies, the BitLicense. As the seat of the finance capital of the United States, NYDFS is generally at the forefront of new regulations.

In June, The regulator announced that it would approve a conditional license for crypto companies to add tokens. Businesses can work with an existing BitLicense holder to obtain one specific guidelines on structure, capital, systems and staffing requirements.

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