A New York DFS Proposal Could Treat Digital Coin Assets More Like Traditional Assets

In December, the New York State Department of Financial Services (DFS) published a proposal to create a public list of approved virtual currencies and a self-certification methodology for holders of NY Bitlicenses and New York trust companies approved to engaged in a virtual currency business to offer to New York consumers virtual currencies without the need for additional approvals of the DFS. If adopted, the proposal would be a significant step at the state regulatory level toward treating digital assets in a manner commensurate with other more traditional financial assets.

In “New York Guidance on Listing Digital Assets,” colleague  Daniel N. Budofsky examines this proposal more closely.