According to the Wall Street Journal, New York regulators are requiring higher standards for the listing and delisting of cryptocurrencies. The New York Department of Financial Services (NYDFS) has released a proposed guide to guide cryptocurrency companies on how to draft listing and delisting policies for tokens. As part of the proposal, NYDFS requires cryptocurrency companies registered in the state to submit new token listing and delisting policies. The proposed legislation will be open for public comments until October 20.
The new regulatory framework proposed in the guideline requires cryptocurrency companies to reflect three aspects in their listing policies: governance of the listing process; risk assessment of tokens; and procedures for monitoring tokens. Delisting policies require companies to detail how they decide to delist tokens, including the types of events that may prompt delisting and execution plans, such as notifying customers in advance and developing an impact analysis.
