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hamasugu

It appears to greatly improve the process of listing new cryptocurrencies in New York. XRP may solve the securities problem soon.

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The New York Department of Financial Services (NYDFS) is getting specific about how it will update its controversial virtual currency license. 

https://www.coindesk.com/new-york-regulator-details-changes-to-contentious-bitlicense

 

NYDFS explains how to promote listing of altcoins. Below are two suggestions.

(1) Regarding BTC, BCH, ETH, ETC, LTC, XRP, PAX, and GUSD already posted on the DFS website, each licensed company can be listed without need for NYDFS approval in advance. (White list system)

Japanese Financial Services Agency has also created whitelist. It is similar.:)

https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/pr_guidance_regarding_listing_of_vc

Quote

Coins currently contemplated for the list include Bitcoin, Bitcoin Cash, Ether, Ether Classic, Litecoin, Ripple, Paxos Standard, and Gemini Dollar.

(2) Each licensed company proposes specific listing process policies for each brand in line with its operational model and risk. If the policy is approved by NYDFS, the operator can make listing as “self-approved” without prior permission from DFS. (Self-approval system)

Edited by hamasugu

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https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/pr_guidance_regarding_listing_of_vc

When listed on New York Department of Financial Services (NYDFS) VC licensee, it appears that guidance of other regulatory agencies must also be cleared.:)

 

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Before adopting or listing any new coin, a VC licensee should conduct and document a full risk assessment of such coin in a way that is entirely free of conflicts of interest, including the following risks:

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Regulatory risks, including risks related to compliance with all applicable laws, rules and regulatory guidances, such as guidances issued by the U.S. Securities and Exchange Commission,  the U.S. Commodity Futures Trading Commission, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network;

 

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