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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,” colleagues Cassie Lentchner, Daniel N. Budofsky and Mercedes K. Tunstall examine this proposal more closely.