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10 cryptocurrency approved for custody by New York regulator

Financial Conduct Authority (FCA) Studies the Cryptocurrency Market

The New York State Department of Financial Services (DFS) recently listed out some pre-approved crypto coins for listing and custody services. Also, SEC Commissioner Hester Pierce, who is called Crypto Mom for her immense support for cryptocurrency, will be staying for another term in the office as SEC commissioner. The Greenlist published by the DFS comprised of 8 cryptocurrencies for listing and 10 coins for custody, according to a report on the development.

“Any licensed entity may use coins on the Greenlist for their approved purpose(s),” explains the regulator.

The Greenlist containing the 10 cryptocurrencies for custody include Bitcoin (BTC), Binance USD (BUSD), Ripple (XRP), Paxos Standard (PAX), Litcoin (LTC), Gemini dollar (GUSD), Ethereum (ETH) Ethereum Classic (ETC), as well as Bitcoin Cash (BCH). Almost all the cryptocurrencies above were also approved for listing, except XRP, ETC. The regulator further stated that a licensed entity must first inform DFS is they decide to use a coin on the Greenlist. They have to pass the information across before its use.

The Greenlist is in line with DFS proposed crypto guidance

The Greenlist is following the proposed guidance released by DFS in December last year. The guidelines include listing options or proposals for the use of coins within the Greenlist. However, it doesn’t state whether more cryptocurrencies will be available on the Greenlist in the future.

The DFS wants to keep records of an updated list of all crypto coins allowed for the business activities of cryptocurrency firms without its initial approval. This updated list shall stand as long as there is no change, division, or material modification on the listings on the Greenlist, the regulator explained.

Also, the rule allows cryptocurrency firms to create an adoption policy or coin-listing designed to address their specific risk profile and business model. In addition to the Greenlist, the firm may not need additional approval to adopt a new coin or self-certify the listing if it has been initially approved by the DFS.

The regulator has also provided guidance on the listing of cryptocurrencies or their adoption on its webpage.

In the meantime, Hester Piece has been given a second tenure in the office as a commissioner in the Securities and Exchange Commission (SEC). Her second tenure was confirmed by the U.S. Senate three days ago. Peirce has been clamoring for the adoption of Bitcoin exchange-traded funds (ETFs). In January this year, she announced a proposal that will bridge the gap between decentralization and regulation, termed “Token Safe Harbor Proposal”.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.