## New York finance regulator tightens regulations for cryptocurrency listing
The New York State Department of Financial Services (NYDFS) has introduced new restrictions on listing and delisting **cryptocurrencies**. Companies must now submit their coin listing and delisting policies for approval, and these policies will be assessed against more stringent risk assessment standards to protect investors. The move aims to protect investors from technological, operational, cybersecurity, market, liquidity, and illicit activity risks associated with tokens.
### Impact on New York Finance and Cryptocurrency Industry
The new guidelines apply to all digital currency businesses licensed under the New York Codes, Rules and Regulation or limited purpose trust companies under the state’s Banking Law. This includes prominent companies like Circle, Gemini, Fidelity, Robinhood, and PayPal. These firms must comply with the new rules by meeting with the NYDFS and submitting their draft coin listing and delisting policies for review.
### The Innovative Approach of DFS Superintendent Adrienne A. Harris
The Superintendent of Financial Services, Adrienne A. Harris, emphasized that the initiative isn’t a crackdown on the cryptocurrency industry but rather an “innovative and data-driven approach” to oversee coin listings, delistings, and the broader cryptocurrency market. The goal is to ensure that New Yorkers have a well-regulated way to access the virtual currency marketplace while positioning New York at the forefront of technological innovation and forward-looking regulation.
### Enhanced Ability to Identify Illicit Activities
In February, NYDFS broadened its capability to identify cryptocurrency-related illicit activities, such as insider trading and market manipulation. Meanwhile, approximately 690 blockchain-based companies are headquartered in New York, and 19% of New Yorkers own cryptocurrency, indicating the significant impact of these regulatory changes.
## Editor Notes
For the latest updates and news on cryptocurrency regulations and industry trends, visit [Uber Crypto News](https://ubercryptonews.com)