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ARTICLE · 09 OCTOBER 2023

Virtual Currency Update: NYDFS Issues Key New Guidance As It Marks Two Year Milestone

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The New York Department of Financial Services (NYDFS) proudly announced an "update on [its] two-year transformational initiative to strengthen NYDFS' nation-leading virtual currency oversight" on September 18, 2023.

United StatesTechnology
Laurel Loomis Rimon
Laurel Loomis Rimon
Kayvan B. Sadeghi
Kayvan B. Sadeghi
Gina Shabana
Gina Shabana
Sara Cervantes
Sara Cervantes

The New York Department of Financial Services (NYDFS) proudly announced an "update on [its] two-year transformational initiative to strengthen NYDFS' nation-leading virtual currency oversight" on September 18, 2023. Although this milestone was the headline, the announcement also included significant new guidance in a number of key areas impacting virtual currency businesses that operate, or are thinking about operating, in New York. In particular, the new guidance describes NYDFS' requirements for listing virtual currency tokens by companies in New York, including its expectations of extensive due diligence and compliance. The guidance also addresses requirements for a comprehensive coin delisting process if a coin is taken off platform voluntarily or by the NYDFS' direction.

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