New York's Department of Financial Services (DFS) announced groundbreaking new guidance for cryptocurrency companies this week, marking a pivotal moment in the state's efforts to oversee the fast-evolving digital asset industry.
The proposed guidance on coin-listing and delisting policies, along with updates to the DFS greenlist criteria, build on the agency's 2020 framework aimed at protecting consumers and markets. According to DFS Superintendent Adrienne A. Harris, these latest enhancements will raise risk assessment standards, mandate more rigorous policies from regulated entities, and fortify the vetting process for approved virtual currencies in New York.
"In less than two years, we’ve built our team to over sixty experienced professionals, created and enhanced consumer and industry safeguards, and engaged with policymakers around the world,” Harris said. The superintendent portrayed the guidance as the next phase of New York's groundbreaking VOLT initiative for cryptocurrency oversight.
Overhaul of Agency Operations and Industry Engagement
The VOLT focus on improving Vision, Operations, Leadership and Technology has transformed the way DFS approaches its duty to regulate cryptocurrencies. This has positioned the agency as a leader nationally and globally.
Under VOLT, DFS has added over 60 virtual currency experts, revamped internal policies and procedures, and asserted its authority to keep pace with industry growth. The department has also taken an active role in shaping policy conversations beyond New York.