New York Department Of Financial Services Has Given XRP The Green Light

The New York State Department of Financial Services has created a Greenlist of pre-approved cryptocurrencies for custody service and listing.

According to the department of financial services website there are multiple paths that virtual currency business can take to adopt or even list virtual currencies:

Virtual Currencies

There are multiple paths virtual currency businesses can take to adopt or list virtual currencies: approval of a specific application to DFS for a material change of business; self-certification of a coin listing policy approved by DFS; use of virtual currencies already on the greenlist. For more information, please see Guidance Regarding Adoption or Listing of Virtual Currencies and Coin-Listing Process infographic.

Greenlist

Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use.

The 10 cryptocurrencies are binance USD (BUSD), bitcoin (BTC), bitcoin cash (BCH), ethereum classic (ETC), ethereum (ETH), gemini dollar (GUSD), litecoin (LTC), pax gold (PAXG), paxos standard (PAX), and ripple (XRP). The same cryptocurrencies are pre-approved for listing, except for ETC and XRP. “If a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use,” the regulator noted.

The New York State Department of Financial Services has created a Greenlist of pre-approved #Cryptocurrency for custody services & listings for #Paxos #Standard, #Pax #Gold, #LTC, #BCH, #ETC, #Gemini $USD, #Ethereum, #Binance #USD, #Bitcoin & #XRPhttps://t.co/eYSByuH5Z8

— XRPcryptowolf (@XRPcryptowolf) August 8, 2020