The New York State Department of Financial Services (NYDFS) requires higher standards for the recording and delisting of coins. NYDFS asked virtual currency companies registered in the state to submit new coin listing and delisting policies. After receiving approval, the company can self-certify its listing without seeking approval from the NYDFS. However, the company must still provide written notice to the NYDFS before using the coins and must keep the regulator informed of all coins offered or used.

The new framework calls for crypto companies to design their coin listing policies in three areas:

⚫ Governance for the coin listing process

⚫ Coin risk assessment

⚫ Procedure for monitoring coins