New York State’s financial regulator has proposed a new plan that would allow licensed virtual currency firms that have already received approval for digital coin listings to introduce new coins without additional permission.
The announcement was made earlier this week on Wednesday and The plan would impose certain conditions on New York- licensed virtual currency firms that want to offer new coins without the regulator’s preapproval.
New crypto framework
The New York State Department of Financial Services (NYDFS) is asking for the public’s input about the plan, which the regulator said stems from a review of its current virtual currency framework.
New York introduced its BitLicense and initial framework in 2015 when other regulators will still sceptical of virtual currencies. Those currencies are now part of a broader, rapidly growing industry that blends finance and technology, and which leading financial centres are keen to attract.
Since 2015, NYDFS granted two dozen licenses and charters to virtual currency firms.