The New York Department of Financial Services (NYDSF) seeks to introduce new guidelines on the listing and delisting of digital assets by venture capital entities.
On Sept 18, the financial watchdog published new proposals to guide digital asset exchanges on multiple issues including listing and delisting of coins, and adding coins to the state’s “greenlist.”
The regulator cited the need to protect investors, emerging issues, and the need to be ahead of key changes in the fast-paced sector.
Superintendent Adrienne Harris rolled out the guidelines while listing the achievements of the body since 2015 including public and private safeguards and proper consultations with policy makers.
“Since joining DFS, I have made it a priority to ensure the Department’s regulatory and operational capabilities keep pace with industry developments to protect consumers and markets,” she added.
The regulator has also called for public input until Oct 20 to further strengthen the rules all stakeholders and the public express their concerns.
The rules pertain to how exchanges access risk, price manipulations, liquidity, and full disclosure requirements.
Firms are expected to forward the NYDFS their coin-delisting policy and no company can self-certify until the policies have received the green light from the agency.
Per the statement, the rules apply to all firms whether or not they maintain coin-listing criteria for self-certification purposes.
“In the event a listed coin is identified as presenting newly elevated risk, whether through a VC Entity’s monitoring process, a Department-identified weakness or vulnerability, or otherwise, VC Entities must be able to discontinue support of that coin in a manner that is consistent with safety andRead more on cryptonews.com