New York State’s financial regulator on Wednesday put together a plan that would allow licensed digital currency companies that have already received approval for coin listings to introduce new digital coins without additional permission.
NYDFS have said they are looking to get public opinion. According to the Reuters report, New York brought in its BitLicense and initial framework two years ago, when other regulators will still sceptical of virtual currencies. Those digital coins are now part of a broader, rapidly growing industry that blends finance and technology, and which leading financial centers are keen to attract.
In the proposal, the plan aims to improve efficiency by allowing virtual currency firms licensed by New York “to offer and use new coins in a timely fashion,” the regulator stated.
The plan needs to impose certain conditions on New York- licensed virtual currency firms that want to offer any new coins without the regulator’s preapproval. This would mean, firms would have to develop a coin-listing policy, to be approved by NYDFS, that includes processes for reviewing new coins and procedures for notifying the regulator when they are listed.
These firms would also have to conduct certain risk assessments of new coins, including for cybersecurity risk. To read the report click here.
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