The New York Department of Financial Services (DFS) has made significant changes to its list of approved cryptocurrencies, removing Ripple (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), and Litecoin (CRYPTO: LTC).
What Happened
On Monday, DFS said its updated digital currency supervision plan, which included a new protocol for listing cryptocurrencies by DFS-licensed firms. In the process, the agency eliminated more than two dozen tokens from its “greenlist,” leaving a total of eight, which included Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and PayPal Dollar.
DFS has been a pioneer in digital asset supervision in the U.S., despite criticism from the crypto sector regarding its slow licensing process. This is largely due to its BitLicense program and virtual currency unit. The revised guidelines reflect the regulator’s balanced stance on cryptocurrency regulation.
See Also: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: ‘This Is The Beginning’
Why It Matters
The greenlist was devised to simplify the approval procedure for custodianship and token listing by DFS-licensed firms. Earlier, these firms could self-certify tokens but were still required to inform DFS. Once two firms self-certified a token, it was greenlit for custodianship or listing by any DFS-licensed firm.
Photo by SvetlanaParnikova on Shutterstock
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